There is a federal government organization that funds research into small business issues known as the ‘small business watchdog and officially called The Office of Advocacy. They examine the role and status of small business in the economy and then they also independently represent the views of small businesses to federal agencies, Congress, and the President of the United States.
According to this group, entrepreneurial activity in one of the United States often reflects similar activity in neighboring jurisdictions, according to a study entitled, New Business Clustering in U.S. Counties, 1990-2006, by Larry A. Plummer, in an analysis of geographic and other patterns in new business formation across the U.S. This research sheds light on business activity related to levels of education, industry, economic growth patterns, and geography. (1990-2006 business startups were used and closure data from the Census Bureau’s Statistics of U.S. Businesses.)
The big question is always how and where new businesses are most likely to grow. This research provides some important clues to the relationships between business startups and various underlying factors in industries and across counties and states in the United States. What’s more, the study might also offer insights for the number of companies. Interestingly, factoring companies often see similar patterns for contracts they get from from small businesses.
This study offers insights about various new business clusters, incuding the fact that Los Angeles, Cook (Chicago), and New York have the higher entrepreneurial activity levels; Colorado, Utah, and Washington have the highest firm birth rates and levels of entrepreneurial activity; High technology is the only industry sector specifically favored in counties with access to an educated workforce and a local research and development structure; Higher unemployment is correlated with higher firm birth rates except in the business services industries an indication that business service firms depend on the success of other firms; and the retail trade has the highest rate of new firm births, followed by industries in local markets.
With loans not as easy to come by, small businesses have turned to invoice factoring‘so they can meet obligations and continue to grow. Also known as accounts receivable factoring, a business owner often has a tough time when waiting for invoices to be paid, 30/60 or 90 days out, when employees must be paid and new materials and supplies need to be purchased for the next job. By advancing up to 90 percent against the company’s invoices, a factoring company like The Interface Financial Group (IFG) purchases selected invoices at a discount. IFG can fund within as little as 24 hours, and they do not expect to buy 100 percent of a company’s receivables, so there are no minimum or maximum sales volume requirements. Spot factoring companies first typically look at the creditworthiness of the client’s customers.
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