A Look Ahead To A Better Year

Entrepreneur Jay Goltz owns five small businesses in Chicago, employing more than 100 people. Here are his insights and perspectives for the coming year …

• The economy is going to get better, but it’s not going to bounce back entirely.
• Find out where you stand with your banker, not all banks are the same.
• It’s a good bet that energy prices will continue to rise. It makes economic sense to buy new equipment now because of rebates and tax credit availability — and it’s good for the environment.
• Advertising and marketing will continue to shift and change.
• Social media is not a fad. It’s one of the public faces of your company.
• Between rising health costs and new government regulations, hiring someone has become an even more serious commitment. Understand the real costs so you can make intelligent decisions.
• One of those commitments is the cost of unemployment insurance. Many business owners do not realize that it’s the business owner, not the government, that bears most of the expense of unemployment insurance. So make sure you understand how your state works.
• In many areas of the country real estate costs have dropped substantially — it’s a buyer’s market. If your lease is coming up, check around to see what the market conditions are.
• With debt and growth harder to come by, it’s more important than ever to look at your financial health. Monitor profit, cash flow, Ebita, debt to equity, profit per employee, growth rate, and return on investment.