Business Intelligence Propels Success

Staten Island commercial bank sees merit in ways an enterprise can grow

 

STATEN ISLAND, N.Y. – Operating above the curve instead of below it is the aim in gathering business intelligence.


Victory State Bank, Staten Island's only community-based business bank, concurs with a study showing how owners inexpensively can map their forward plans.


Identifying best customers, concentrating on the most profitable products or services and finding tools to reduce costs and improve efficiencies are the objectives.


Research at St. Joseph's University in Philadelphia has pinpointed five ways small-business owners can advance by accumulating business intelligence (BI) in attaining goals.

 

(1) Assess the information technology (IT) infrastructure because consistency in technology is critically important, the researcher found.

How does the business gather information? To which network are the computers connected? Is everyone using the same system?

“In the supply chain, the information always follows the product,” the researcher, Ginny Miori, Ph.D, says.

“Small businesses are successful when … information follows an efficient path between all concerned parties.” This is particularly important to maintain customer satisfaction, she adds.

 

(2) Data mining helps owners improve their understanding of workers and customers.

“Many small businesses aren’t in the financial position to hire a market research firm, but that doesn’t mean you can’t get your hands on relevant data,” says Miori.

“In addition to sales and inventory data your organization may collect, there is a surprising amount of free data available through the government.” She recommends the U.S. Census Bureau and the U.S. Department of Labor Statistics as credible sources for data collection.

  

(3) Forecasting uses the information from data mining and applies techniques to predict future growth on which to forecast sales and staffing needs.

Forecasting, therefore, is the cornerstone of business according to Miori. “It’s important to get it right the first time or small business owners carry a huge risk,” she explains. “Forecasting helps you to build your business to meet customer demand and better manage future growth.”

 

(4) Strive for defect-free operations in using materials efficiently. It can be as simple as re-arranging a store layout so employees can streamline getting from one location to another over the shortest distance.

Or, it might mean stocking your warehouses in a way where your most popular products are positioned closest to the shipping facility.

In the jargon of business management, this “Six Sigma” approach boils down to making defined improvements, each with targets and each one measurable.

“No task is too small for an efficiency makeover,” according to Miori. “Once your business grows, even the smallest inefficiencies can become costly in both time and money.”

  

(5) Decision-making matters. Small business owners make decisions every day. However, strategic decisions that have a significant business impact are made less often.

Miori advises owners to make these decisions based on trends and behaviors identified through data mining and forecasting. “This is what BI is all about,” says Miori.

“Smart companies employ business intelligence to gain a better understanding of their operations, so they can make strategic decisions that advance their business and sustain future growth.”

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Probing Why Workers Won't Share Info

Staten Island business bank concurs with fix of rewarding team achievements

 

A couple of university professors have reported findings from a study of why employees don't cooperatively offer information to colleagues.


Victory State Bank, Staten Island's only community-based commercial bank, says the
Canadian research is pertinent for its focusing on a behavior pattern of hiding knowledge.


Rather than examining communication failures, the professors looked into willful concealment or withholding from fellow employees and via surveys found what they called a "continuum of deception."


Among the mildest reasons, workers felt justified in hiding information deemed confidential. For instance, certain kinds of gossip may justify dismissal.

A little more deliberate were delaying tactics with promises to deliver but then not following through or providing an incomplete or misleading response.


Knowing that knowledge coveys a certain strength, some of the withholding was in the form of protecting a turf.

More seriously, what a target could construe as a “rejection episode” might result in retaliation against the concealer, starting a behavioral cycle.

Another consequence, uncovered by a different study last year, could be a stifling of creativity: Jealously guarding ideas inhibits the flow of new ones.

Workers may believe, though, they are favoring their organization's greater good or they are at risk of losing their jobs if their specialized knowledge isn't kept intact.

One of the Canadian professors recommends "incentives to reward people on team outcomes versus solely on individual outcomes.”

If managers reward individual attainment over group efforts, however, it will defeat methods that encourage sharing knowledge, the professor said.

 


About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

  

Leaving the Nest is a Big Financial Step

Staten Island business bank suggests goal-setting approach to managing money

 

STATEN ISLAND, N.Y. – Going forth on your own is often the beginning of the American Dream's springboard.


Victory State Bank, Staten Island's only community-based commercial bank, observes that the path to success typically is paved with goals.

Test-driving some what-ifs may be a sensible way to survey the landscape beforehand.

Preparing to be out on your own can be fun and exciting, the Federal Trade Commission (FTC) notes, but it also means taking on new financial responsibilities.


The FTC's Consumer Information page says that decisions made now about managing money can affect your ability to get credit, insurance, a place to live, and even a job.

DEVELOP A BUDGET

The first step toward taking control of your financial life is to evaluate how much money you take in and how much money you spend.

Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like rent, car payments, and insurance premiums. Next, list the expenses that vary — like entertainment, recreation, and clothing.

Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest, the FTC advises.


You can use a worksheet to get started. The goal is to make sure you can make ends meet on the basics: housing, food, health care, and insurance.


Your public library, bookstores, and online resources have information about budgeting and money management techniques.

In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money.

INCOME VS. EXPENSES

Choose five “Help Wanted” listings from five different categories of the classified ads. These should be jobs for which you are qualified.


Read each job description carefully, noting the skills required for each position. Then make a list of your knowledge and skills to determine if the job might be right for you.

Using the hourly wage or yearly salary in one of the ads, determine how much you will earn each month.


First, subtract 30 percent for taxes to determine your net monthly income. Then, create a budget of how much you might spend on the following, and subtract these costs from your income.

A place to live.  Find the apartment listings. Choose a place to live and record the monthly rent on your budget sheet.


Groceries.  Find the food ads. Estimate the amount of food you will need each week and then multiply the cost by four to estimate your monthly expense. Remember to add in costs for non-food items, too, like shampoo, soap, toothpaste, and laundry detergent.


Eating Out.  Find a restaurant ad and deduct the cost of dinner for two plus a 20 percent tip.



Transportation.  Find the automotive section and find a new or used car you’d like to buy. Once you’ve chosen a car, add 6 percent for interest cost and divide it by 48 to estimate the monthly payment for a four year loan.

Other Expenses. Don't overlook auto insurance, gasoline, utilities (for example, gas and electric, Internet access, cable), phone, renter’s insurance, college tuition, clothes, haircuts, charity, a vacation, your daily cup of coffee, and maybe longer term savings to buy a home.

Add a reasonable amount to your expenses for these items.


What’s your bottom line? Do you have any money left at the end of the month? If not, what expenses can you reduce or eliminate? Is there a way to make more money?

 

 
About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online atwww.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Poll: Many Seniors Took 'Great Recession' In Stride

Staten Island commercial bank says survey uncovers surprise among older adults

   

STATEN ISLAND, N.Y. – The Great Recession, which spanned 2006 – 2010 put a dent in many pocketbooks, but a sociologist found that the subjective sense of strain wasn't uniformly felt.

Victory State Bank, Staten Island's only community-based business bank, finds the study somewhat surprising, as did the researcher.

The new study by Baylor University, reported during the summer, found that more than 40 percent of older adults – ages 51 to 96 – sensed a decrease in “financial strain.”

Its focus was on 5,205 respondents from the Health and Retirement Study (HRS) to examine the effect of financial strain on the mental health and use of mood-altering drugs by the group studied.

HRS, sponsored by the National Institute on Aging, is the largest ongoing national study of adults age 51 and older.

                                                                                                              

Only a quarter of respondents indicated an increase in financial strain between 2006 and 2010, while about one-third said their strain remained the same, said Lindsay R. Wilkinson, Ph.D., an assistant professor of sociology in Baylor’s College of Arts & Sciences.

                                                 

“It’s difficult to determine precisely why so many adults would experience less financial strain in 2010, but one possible explanation may be the perceptual nature of these evaluations,” Wilkinson said.

                                                                 

“Perhaps knowing that others were struggling reduced the stress felt by individuals.”

Previous research has shown that economic stress typically decreases as one gets older, with the over-65 crowd benefiting from home ownership, medical insurance and Social Security, the Baylor report noted.


Wilkinson also discovered, however, that both initial financial strain and increasing strain over the period of the recession exacted a toll on mental health.

For instance, increasing financial strain was associated with worsening anxiety and depressive symptoms and increased the likelihood of using drugs such as antidepressants.

The study differs from many others on the Great Recession because “financial strain” is a subjective measure based on self-reporting rather than on economic indicators.

  

To measure financial strain, the study examined whether respondents had difficulty making monthly payments and whether and to what degree they were satisfied with their present financial situation.

                           

“Difficulty in making payments may appear more objective than satisfaction, but it’s still a person’s perception of his or her financial situation,” Wilkinson said.

  

“Two people might have the same amount left over every month, but one might say, ‘Oh, my goodness, that’s not enough,’ while the other might say, ‘Well, I paid my bills.’ Subjective measures matter, because it’s your reality — and that has an effect on health.”


A 2011 survey by the American Association of Retired Persons indicated that “the Great Recession drove millions of older Americans to deplete savings accounts, put off medical or dental treatment and reduce their retirement expectations.”


Wilkinson tested the theory that financial strain would have a negative effect on mental health by using three measures — whether and to what degree respondents felt anxiety, whether and to what degree they were depressed and whether they used anti-depressants, tranquilizers or medicine for nerves.


Those who were employed were more likely to have increased financial strain, most likely due to worries about high unemployment and job security.

Also more likely to report an increase in financial strain were younger respondents, black and Hispanic individuals and those who gave themselves low health ratings.


As might be expected, individuals who were better educated and with greater household wealth were less likely to report increased financial strain.

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.   

 

 

 

When a Business Owner Moves On

Staten Island commercial bank understands the payday aspect

 

STATEN ISLAND, N.Y. –  Sometimes a small business will shut down when its owner gets an offer of greener pastures, often with a generous salary and paid-for benefits.

Victory State Bank, Staten Island's only community-based business bank, along with loyal customers, regrets the loss of familiar services but understands the owner's good fortune in moving to a more lucrative venue.


Sole proprietorships open and close all over the borough, and the IRS offers a checklist for guidance when a business shuts down.

New York state also has guidelines that vary according to how the business was set up (www.tax.ny.gov), and New York City's Finance Department (www.nyc.gov) lists various kinds of taxes for businesses. Additional requirements apply to licenses.


So there's more to it than locking the doors, inasmuch as going out of business can incur some paperwork.

There are typical actions that are taken when closing a business. The IRS, for one, says an annual return must be filed for the year that the business ended.


If there are employees, final employment tax returns also must be filed. And final federal tax deposits of these taxes will be due. Also the IRS will look for a statement attached to the return showing the name of the person keeping the payroll records and the address where those records will be kept.


The annual tax return for a partnership, corporation, S corporation, limited liability company or trust includes check boxes near the top front page just below the entity information. For the tax year in which a business ceases to exist, a box can be checked to indicate this tax return is a final one.


If there is a Schedule K-1 (Partner's Share of Income), the same procedure needs to be repeated on the Schedule K-1.


Also required are returns to report disposing of business property, reporting the exchange of like-kind property, and/or changing the form of the business.


There are several typical actions to take when closing a business, depending on the type of business structure, and the IRS offers the following checklist:

 

 

  • Make final federal tax deposits
  • File final quarterly or annual employment tax form.
  • Issue final wage and withholding information to employees
  • Report information from W-2s issued.
  • File final tip income and allocated tips information return.
  • Report capital gains or losses.
  • Report partner's/shareholder's shares.
  • File final employee pension/benefit plan.
  • Issue payment information to sub-contractors.
  • Report information from 1099s issued.
  • Report corporate dissolution or liquidation.
  • Consider allowing S corporation election to terminate.
  • Report business asset sales.
  • Report the sale or exchange of property used in the business.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.