Small Business Week with Rhonda Abrams: Make this your year to grow
Rhonda Abrams, Special for USA TODAY 2:14 p.m. EDT May 1, 2015
Rhonda Abrams, Special for USA TODAY(Photo: Cooper Naitove, for USA TODAY)
Small Business Week comes around just once a year and you don't want to miss out on what USA TODAY and I have in store for you.
Throughout Small Business Week, May 4-8, USA TODAY will run a special series, "Make This Your Year to Grow." Each day, you'll find articles, resources and guidance I've developed exclusively for USA TODAY to help you take immediate steps to grow YOUR business now.
In 1963, when President John F. Kennedy established America's first Small Business Week, the American dream was to land a job at a huge corporation and work your way up the ladder. Owning a "small business" meant struggling to survive, running a "mom-and-pop" neighborhood grocery, dry cleaners, or café.
Today, the American dream is to own your own business. Entrepreneurs are role models and small businesses are vibrant, diverse and economically important. A "small business" might be a fast-growth start-up on track to become the next Google, a consulting company with high wages and Fortune 100 clients, or a corner café using cutting-edge technology.
Small businesses today have an excellent chance of survival (50% of new establishments survive at least five years and one-third survive more than 10). But one reason small businesses close is that, while they generate enough money to cover the bills, they don't make enough for the owners to thrive.
I want to help change that. Growth is not just about getting more customers; growth is a matter of survival and success. If you don't grow, you'll inevitably shrink. As humorist Will Rogers said, "Even if you're on the right track, you'll get run over if you just sit there."
What happens to stagnant businesses? They face:
• A natural loss of customers.
• New competition.
• Changing demographics or buying preferences.
• Increasing costs.
• Economic forces outside their control.
Growth, on the other hand, brings increased staff engagement, higher returns on investment, more personal challenge, and, oh yes, more money.
Why now? The American economy is improving, and I want you to catch this rising tide. Consumer confidence levels are back to pre-recession levels; housing prices are rising. Customers are more willing to spend. Interest rates are still low, making borrowing less expensive. Investors, too, are more willing to fund promising start-ups.
Why these topics? With my team, we evaluated which aspects of running a business were most critical to growth. Of course, money is fundamental. But generating enough money, through sales, investment or financing, is an outgrowth of other decisions you make. We wanted to focus on the parts of running your business that you can control — and do something about quickly — that will have the greatest impact on growth.
Follow the USA TODAY Money section each day next week for:
• Monday: Finding a niche. How to make your business distinct from your competitors.
• Tuesday: Business planning. How to be strategic and create a roadmap for success.
• Wednesday: Marketing. How to get more customers through your door.
• Thursday: Building your team. You can't grow alone.
• Friday: Going mobile and to the cloud. How to run your business from anywhere.
Every day, you'll get:
• A five-step "do-it-now action checklist" so you can start growing immediately.
• An article focusing on the topic area with practical, real-world advice.
• A free downloadable worksheet.[1]
Please join the conversation. I'll be posting on social media, using the hashtag #yeartogrow on Twitter (@USATODAYMoney and @RhondaAbrams) and Facebook (www.facebook.com/USATODAY and www.Facebook.com/RhondaAbramsSmallBusiness).
Engage with me: On May 7 I'll host a Facebook chat at 2 p.m. ET to answer your specific concerns and to discuss small business growth and issues in more detail.
Finally, please help spread the word about this valuable resource — on your social media, in your newsletters, at networking groups — to fellow small business owners, family members and friends, anyone who owns or wants to start a business.
This year — this coming week — is the time to focus on growth in YOUR business. And we're here to help.
Small business by the numbers
• 28 million businesses in USA (2012).
• Only 100,000 businesses have 100+ employees.
• 99.7% of all employer firms have fewer than 100 employees.
• 48.5% of private sector employees employed by small businesses.
• 63% of all net new jobs are from small businesses.
Sources: U.S. Census Bureau, Small Business Administration
Rhonda Abrams is a globally recognized small business expert and president of PlanningShop, a publishing company specializing in business planning. Register for Abrams' free business tips newsletter at www.PlanningShop.com[2] and follow her on Twitter @RhondaAbrams and www.Facebook.com/RhondaAbrams.
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References
- ^ http://www.planningshop.com/solution-center (www.Planningshop.com)
- ^ http://planningshop.com/ (planningshop.com)