Ronald S. Friedman: Businesses, take advantage of incentives
Ronald S. Friedman
Broward business owners continue to worry about limited access to credit, lack of incentives for businesses and a shortage of skilled workers, according to a recent survey. But there are ways they can overcome these concerns to grow their companies.
The 2012 CEO Survey asked local entrepreneurs about their plans based on the current business climate. Kaufman, Rossin & Co. administered the survey for the Greater Fort Lauderdale Alliance.
Credit planning prepares you to present financial data to lenders. An experienced management team, good internal controls and an operational plan are indicators that your company is a good credit risk. Business owners should strategically use multiple sources of capital, including bank credit, equity, receivables financing , low-interest-rate credit cards and leasing.
Local CEOs are also concerned that there's a lack of incentives for businesses.
Government incentives exist for all business types. Look for incentives for hiring, tax credits for certain business locations and sales tax exemptions for moving into certain states and counties.
If you're a Florida business owner, get involved at your local alliance. The alliances in each county help create, attract, expand and retain high-wage jobs and capital investment in target industries. Last year in Broward County, the Alliance assisted more than 400 companies, facilitated over $56 million in capital investment, and helped create more than 1,000 value-added jobs.
To find skilled workers, you can look to "head-hunters" and temp agencies for short-term needs, but you also should develop in-house training and invest in technology. Your best people might already be working for you.
Ronald S. Friedman, CPA, is an audit principal with Kaufman, Rossin & Co., an accounting and business consulting firm in Fort Lauderdale.
Click here to view Ron Friedman's article on SunSentinel.com.