What’s on our minds? Plenty

Ask local business owners what’s on their minds and you’ll get some interesting feedback — from financing to ethanol, beef shortages to Australia’s typhoon, and — of course — taxes.

I asked. The responses below have been edited for space; others didn’t make today’s space cut. You can read them all beginning Friday on my Business Owners’ Blog at 121marketingresources.com/Blog (the capital “B” matters).

Here’s what readers like you said:

Ÿ The calculus of financing has changed for many businesses, but few people have made the necessary mindset adjustment to confront the new realities. Entrepreneurs should expect a harder and longer process for obtaining financing. Assets that would have covered collateral needs three years ago are too devalued or no longer exist.

— Brett Simmons, ACCION Chicago

Ÿ The amount of corn used for ethanol (rather than food) has risen from 7 percent in 2001 to 39.4 percent last year. Breeders cut back cattle production during the 2008 crash; now there is a limited supply of cattle. The Australian typhoon decimated sugar crops. Every entity (farmer, feed agency, transportation and others) will add the cost of Illinois’ corporate tax increase to product pricing.

As a result, American consumers can anticipate double-digit food price increases in 2011.

— Tom Walter, Tasty Catering, Elk Grove Village

Ÿ Unless repealed before Jan. 1, 2012, a part of the health reform bill will require businesses to issue a 1099 to every vendor. Currently, a 1099 must be issued to anyone who performs a service for you — if the amount is over $600 and the vendor is not a corporation. The new law effectively says businesses must issue a 1099 to anyone who sells them anything aggregating over $600 a year.

You will have to keep track of every payment so your accountant can issue 1099s. That’s an unbelievable burden.

— Tony Massaro, Porte Brown, LLC, Elk Grove Village

Ÿ Seize the opportunity to turn the next snowstorm or power outage or other disruption, into a learning experience. See what wonderful networking comes while digging out your car or inviting a neighbor in for hot chocolate.

— Gail Sussman Miller, Inspired Choice, Chicago

Ÿ Tax law changes are forcing local businesses to consider overtures from Indiana and other states because only by negotiating with other states do businesses have leverage to get deals from their own municipalities. But essentially forcing local governments to cut deals with businesses costs the municipalities.

— Andrew Keyt, Family Business Center, Loyola University Chicago

Ÿ Companies can identify excellent talent through project work. Give a task to a person as an intern, even though that individual may be over 40. Pay a small hourly wage and test their capabilities to help your business grow. You just might find a star.

— Bob Podgorski, Saint Hubert Job and Networking Ministry, Hoffman Estates

Ÿ Contact Jim Kendall at JKendall@121Marketing Resources.com.

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