Hamilton County is like other communities throughout Ohio that depend upon the success of small business owners to keep their economies strong. According to the U.S. Small Business Administration, small businesses are responsible for 54 percent of total sales in the U.S. and 55 percent of the jobs. Cash flow challenges and mounting debt can put a squeeze on the financial stability of even a well-managed company.
Starting a small business is an undertaking like few others. You often hear small business owners refer to their business as, "their baby." The reason for this affectionate characterization is because the business owner spends so much time, money and energy into working towards making the venture a success.
It is the nature of competitive business that some companies will struggle to run their operations effectively. It is often not enough to simply break even financially, but rather to make enough sales to earn a profit.
Mahogany's restaurant at The Banks promises to catch up on its financial obligations and keep its doors open through a cold winter that has depressed businesses. The small business received a $300,000 loan and an almost $700,000 grant from the city of Cincinnati to help get it off the ground in 2012. Now, the owner vows that her small business debt will not force the soul food restaurant to go under.
Meeting customer expectations is a primary objective for any business. A retail chain that became popular by offering stylish women’s apparel and clothing recently discovered this fact firsthand. In recent years, Dots LLC changed its merchandise offerings from chic clothing to youthful fad pieces. This caused their most important demographic, young career-oriented women who wanted to look fashionable both in and out of the workplace, to stop shopping at their stores. Before this recent downturn the retailer had grown to over 400 stores nationwide, including locations here in Ohio.
A uranium-enrichment company named USEC Inc. that is planning on filing for Chapter 11 bankruptcy is also building the American Centrifuge plant in Ohio. The plant is intended to replace another out-of-state facility.
Owning a small business in Ohio can be an immense source of pride. Unfortunately, even the most responsible, dedicated and optimistic small business owners can find themselves struggling with seemingly insurmountable debt loads. Whether you acquired the debt by investing in your business, protecting business assets by fighting necessary legal battles or some other means, if your debt is growing beyond your control, you need to act in one way or another.