As a small business owner, you may find yourself pulled in multiple directions at once on a daily basis. Given the weight of your responsibilities, it can prove difficult to become an expert in all aspects of your business, but understanding how to manage your business's basic accounting needs is of particular importance.
People in Ohio who want to start a small business may have a harder time finding venture capital investors than if they lived in large coastal cities. A report found that for every dollar spent by venture capitalists, 46 cents of it goes to Silicon Valley. Boston, New York and Los Angeles receive 31 cents, leaving only 23 cents remaining to be disbursed to the rest of the country. Mississippi, Alaska, Hawaii, Wyoming and West Virginia received no venture capital funding in 2015. Furthermore, tech firms are two times more likely to receive funding than those that are in another industry.
Running a business of any size is an incredible undertaking. Not only will you need to worry about how to make your business a success, you will also need to organize and manage your workforce. These two priorities can clash at a certain point, and unless you take steps to protect your business, your employees could ultimately jeopardize its future.
If you are a business owner, you may be considering implementing a non-compete agreement for your employees. An effective agreement protects the employer and prevents an employee from leaving and using information gained through previous employment to set up a competing business. You do not want your employees to take client lists or proprietary recipes to your competitors. However, some employers make the mistake of trying to cover every base and creating agreements that are so overreaching that courts refuse to enforce them. In this context, more is not better.
In the wake of Yahoo's catastrophic data breach, business owners across the country are evaluating the strength of their own digital protections. Ohio business owners will soon have some additional help from the state, Attorney General Mike DeWine announced this week.
Across the country, the explosion in craft breweries and distilleries has created increasing pressure for more lenient state liquor laws. The latest expansion in Ohio allows high-alcohol beer (over 12% alcohol by volume) to be made and sold in the state, thanks to a new law effective August 31 that lifted the previous cap.