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Economical Outlook 2019: Mark Shaw

Posted onJanuary 10, 2019January 11, 2019
Mark Shaw, president and CEO of Stored Technology Solutions Inc. (StoredTech).

By Mark Shaw

Last year we spoke about everything as a service. That is absolutely the case today. From phone systems to access control you can truly have access to all the latest technology in a monthly service fee.

This eliminates the need to purchase anything. Your business can gain access to the same technology used by the Fortune 500 without any major capital outlay.  This model will continue for the foreseeable future and if you have not already been reaping those benefits, talk to your technology department or company today.

In 2019 the focus is going to be hyper-active around security—security at every level in your business. From physically on the doors and entry points backed up by cameras, to your data on every device. We have been bombarded by news of firms being hacked, held at ransom, or even shut down due to breaches.

The government is taking notice and the same GDPR (rules for personal data use and security in the EU) are being considered here. New York is starting to crack down on vendors selling and installing security and camera systems. It is not often known, but to even touch a camera in a business workplace, the vendor must be licensed to do so. Combine this with talks about a New York State version of the EU rules for data privacy and you have a tornado of new laws set to make security the focus.

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Economic Outlook 2019: Mayor Meg Kelly and Commissioner of Finance Michele Madigan

Posted onJanuary 10, 2019January 11, 2019
Meg Kelly is the mayor of the city of Saratoga Springs.

By Mayor Meg Kelly and Commissioner of Finance Michele Madigan

We are encouraged that 2019 will build off the economic successes of 2018, due not only the traditional economic indicators that reflect the dynamic economy of our city, but also the specific steps taken by Saratoga Springs City Council to drive future prosperity.

As of mid-December, the city had generated 10.1 percent more sales tax than during the same period last year. Moreover, 2018 is trending to be the best year of sales tax in city history, potentially exceeding $13 million.

Occupancy tax that was generated through the first three quarters of 2018 has also been at a record pace, a fact made more impressive given that it does not include units rented through sites like AirBNB.

The city is exploring ways to bring these rental units in line with traditional lodging establishments to ensure both a level playing field and the safety of renters, though accomplishing this requires the cooperation of the county and/or state, which is taking longer than expected.

One economic indicator that has lagged is mortgage tax, which is expected to fall roughly 20 percent below what was budgeted for 2018. This is largely driven by factors outside the city’s control such as rising interest rates and low inventory.

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Business Marketing Plans Should Include Strong Website Content And Social Media

Posted onJanuary 10, 2019January 11, 2019

By Christine Graf

Kim Hickok, left, owner of Marketing Kangaroo,
poses with employee Tim Howland.
©2019 Saratoga Photographer.com

Business planning involves many things. Budgets, staffing equipment and much more go into the process.

Marketing, to grow business and build a brand, is an important part of the process.

Asked what trends he sees for clients in 2019, Christopher Ryan, president of SIX Marketing said, “Everything today is based online. People are going to research you before they even do business with you,” he said. “Your web site is one of the most important tools. Make sure it is saying what you deliver. Make sure it’s clearly representative of your business.”

Marketing Kangaroo’s Kim Hickok, a brand strategist with decades of experience, said the first step is to develop a brand strategy. It defines what a business stands for, as well as the image it conveys. It also establishes long-term plans designed to achieve specific goals.

“It means knowing who you are as a business and having a story about your business. It’s about asking ‘Who are you? What’s your story? Who are you talking to?’ The brand strategy should be shared in a way that connects with an objective,” she said.

Ryan said his company doesn’t  recommend canned language on a website.

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Economical Outlook 2019: Darryl Leggieri

Posted onJanuary 10, 2019January 11, 2019
Darryl Leggieri is president of the Saratoga Convention and Tourism Bureau.

By Darryl Leggieri

Saratoga Springs continues to be a vibrant, historic and growing city with a bright future.

Discover Saratoga is fortunate to have amazing partners like the Saratoga County Chamber of Commerce, the City Center Authority, the Downtown Business Association, and many other community organizations to help navigate its growth. These organizations serve different purposes but are all on the same page when it comes to putting Saratoga Springs, Saratoga County, local businesses, and serving residents and visitors of Saratoga first.

As a key economic development engine for this community, the mission of Discover Saratoga (also known as the Saratoga Convention & Tourism Bureau) is to contribute a positive impact on the local economy by promoting and marketing Saratoga Springs and Saratoga County as a world-class destination for meetings, conventions, special events and group travel. The bureau team (one of the best around), is deployed to target each of these markets proactively to drive business into our county and city.

I feel so fortunate to be promoting such a great destination. With so many neighboring destinations becoming more competitive, we need to stay relevant by showcasing our current value propositions like walkability, safety, convenience and culture.

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Economical Outlook 2019: Janet Besheer

Posted onJanuary 10, 2019January 11, 2019
Janet Besheer is a real estate broker who runs the independent Equitas Realty firm.

By Janet Besheer

Last year was quite the year for the United States economy. We have seen unemployment go to record lows, businesses reestablishing themselves here at home and the stock markets have hit record highs.

Although economists are predicting we are moving toward the end of the record-breaking,  9.6-year, bull market, we are not there yet. The economy in 2019 should continue to grow, albeit at a slower rate than 2018, but the good news is the next recession will probably not arrive in 2019. 

Home prices around the country rose throughout 2018 with limited inventory and low mortgage rates. According to the National Association of Realtors, “The imbalance between supply and demand is squeezing entry-level housing the hardest.”

Pundits suggest the housing market will slow down well into the year. 2019 looks to bring a stabilization of supply of homes for sale and vacancy rates for rentals, both of which are inching up again. Mortgage interest rates will rise in 2019 which will impact buyers and lower sales prices of existing homes.

First-time home buyers will be most affected. The good news here is that mortgage interest rates should remain below 6 percent, which is still an historically low rate. So what does mean this for real estate in our area?

According to the recently released Saratoga County Real Estate Index, Saratoga County led the entire Capital Region in single-family home sales and was the only local county to see an increase in single family home inventory over the past year along with the most single-unit building permits issued.

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Business Report: Put Investment Performance In Perspective

Posted onJanuary 10, 2019January 11, 2019
Rob Snell, financial advisor, Edward Jones Financial in Saratoga Springs.

By Rob Snell

How can you assess your investment portfolio’s performance in 2018? The year was full of wild swings in the financial markets, so your own results may well have bounced around quite a bit, too.

But you can still get a clear picture of how you did if you keep your investments’ returns in the proper perspective by making sure your expectations are relevant, realistic and reviewed.

Let’s look at how these terms can apply to a meaningful evaluation of your investment progress:

Relevant. Many investors compare their portfolio returns to a popular market index, such as the S&P 500. But this comparison is not really valid for a variety of reasons. For one thing, indexes are typically not diversified across different types of investments—the S&P 500, for instance, only tracks large U.S. companies.

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Skidmore College Is Now Smokeless On All Of Its Properties, Including Outdoor Areas

Posted onJanuary 10, 2019January 11, 2019

Skidmore College became a smoke-free and tobacco-free campus on Jan. 1. Smoking and tobacco use —including the use of all e-cigarettes and vaping device —is prohibited throughout all of the college property, including outdoor areas.

“The smoke-free and tobacco-free policy promotes a culture of wellness and provides the community with a healthy, respectful working and learning environment by limiting the potential exposure of students, faculty, staff and visitors to the effects of secondhand smoke and by reducing the risk of fires,” said Cerri Banks, dean of students and vice president for student affairs. “In addition, the policy is in alignment with the college’s strategic goals which support health and wellness initiatives throughout our campus community.”

“We included e-cigarettes and vaping devices in the policy because nicotine in any form is highly addictive,” Banks said. “Our health and wellness staff are trained to advise those who are interested in breaking the dependency on nicotine products.”

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Wearable Tracking Devices Help People Get Heart Rate, Other Info, During Workouts

Posted onJanuary 10, 2019January 11, 2019
Holly Zelenkewich, owner of Healthy PhysZeke, a personal training business.
©2019 Saratoga Photographer.com

By Susan E. Campbell

Fitness trainers have found that while wearable devices are fun and useful tools for tracking progress, there is nothing like the personal touch for motivating clients to meet their goals.

Fitness tracker devices count steps walked, calories burned, heart rate, sleep patterns, and more. Many sync data to cell phones or other devices though mobile apps that can be shared with friends and personal trainers.

Some believe “wearables” have led to better health or greater weight loss, although results can vary among different age and lifestyle groups when compared with the old-fashioned methods. A study published by the JAMA Network in 2016 concluded there was less weight loss among 471 adult users when compared to a control group.

“People are tech savvy today and rely on their gadgets,” said Laurie Romand who operates Full Circle Fitness NY with two small boutique studios in Colonie and Saratoga. “People may be hooked on the technology, but it does help people track what they are looking to measure. “

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Eden Compton Studio & Art Gallery Opens In Saratoga’s Beekman Street Arts District

Posted onJanuary 10, 2019January 11, 2019
Artist Eden Compton has opened a studio and art gallery in the Beekman Street Arts District. She is
also planning to form the Beekman Street Arts District Association.
©2019 Saratoga Photographer.com

Eden Compton Studio & Gallery, became the most recent fine art gallery to open in the Beekman Street Arts District in Saratoga Springs, holding an open house for its 2018 holiday show and sale in December.

The event featured the work of five established and well known artists in the upstate New York including Ann Larsen, Takeyce Walter, Matt Chinian, Kate Edwards, Rita DiCaprio and Eden Compton.

Eden Compton Studio is both the personal workspace of artist Eden Compton and a fine art gallery.  The artist’s landscapes, cityscapes and portrait commissions are available at the gallery as well as the work of other established artists.

She said the studio plans on hosting several big exhibits throughout the year.

Read More

Prosperity Partnership Real Estate Index: County Markets Strong, Inventory Needed

Posted onJanuary 10, 2019January 11, 2019

The Saratoga County Prosperity Partnership in December  released its inaugural Saratoga County Real Estate Index, which it said portrays the county as having strong residential, commercial and industrial markets, but with a need for additional inventory in each sector.

The index was unveiled during a luncheon event attended by more than 100 business executives and professionals at the Hyatt Place Saratoga/Malta.

The index also presented the results of a Pulse Survey that signaled an optimistic view of Saratoga County’s real estate sector. Among real estate professionals surveyed, 94 percent describe the residential sales sector as strong, very strong or stable; 88 percent see the commercial leasing market as strong, very strong or stable; and 78 percent characterize the commercial sales market as strong or very strong.

“Saratoga County’s vibrant real estate market is critically important because its reach extends into all sectors of our economy,” said Marty Vanags, president of the Saratoga County Prosperity Partnership.

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