American Express Offers New York City Entrepreneurs 10 Tips to Help Small Firms Grow.NEW YORK--(BUSINESS WIRE)--Aug. 2, 1999-- The average annual revenues of a woman-owned small company in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. is slightly less than $500,000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a recent survey conducted by American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. and the New York City Chapter of Women Business Owners Many online and offline organizations have been created to collect information about businesses around the world owned and operated by women. Many other organizations have been created to assist the women that own and operate those businesses. . Average annual revenues for men-owned firms is $779,000. While the comparison of men and women owned firms is complex, some leading experts believe part of the difference is related to how some leading experts believe part of the difference is related to how women and men manage their companies differently. "Too many entrepreneurs under estimate the long-lasting effects of the decisions they make early on in their business," says Carol Lapidus, Managing Director Director, American Express Tax and Business Services, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (TBS, New York). Lapidus has 16 years experience working with New York City-based businesses, with a specialty in fashion, design and apparel firms. "If a business owner has dreams of owning a multi-million dollar enterprise some day, they have to think that way from day one, even if they have a `slow and steady' growth plan." Lapidus and Neal Rosenberg, Managing Director and a colleague at TBS, New York, recommend that entrepreneurs invest in a solid five-year plan with clear measurable goals that can be tracked at milestones in the business' life cycle. "Entrepreneurs need to benchmark against comparable small firms, set realistic goals, and come back to that plan two to four times a year to measure their progress," says Rosenberg, who has 21 years helping small and medium size companies In order to assist women in growing their companies, Rosenberg and Lapidus offer the following tips: 1. Formulate a five-year strategic growth plan with realistic, attainable goals and continually monitor and measure actual results against it. 2. Determine if you can modify your firm's products and services to add new customers. 3. Review expansion of product and service lines offered to existing customers. 4. Review financing opportunities, including alternative sources such as factoring and equipment leasing, even if you might not need the capital immediately. 5. Don't skimp skimp v. skimped, skimp·ing, skimps v.tr. 1. To deal with hastily, carelessly, or with poor material: concentrated on reelection, skimping other matters. 2. on professional advice. Hire an experienced accountant and lawyer. 6. Form alliances with suppliers, customers and strategic partners. 7. Consider forming alliances with competitors as well as complementary businesses. 8. Consider out sourcing various overhead functions that are not core to your business. 9. Make marketing and public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most a priority. 10. Think international. American Express Tax and Business Services, New York offers a range of tax and business advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . It is the second largest office in a national network of offices that make TBS the 11th largest accounting firm in the country. American Express Small Business Services (SBS See Small Business Server. ) is a division of the American Express Company focused on providing a broad range of credit and capital products as well as tax and accounting services to small and mid-sized firms. American Express Company is a diversified worldwide travel and financial services company founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , investment products, insurance, accounting and international banking. (Editors Note: Copies of the "Study of New York City Entrepreneurs" or interviews with Carol Lapidus and Neal Rosenberg can be arranged by calling 212-640-4868.) |
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