14 May

It Starts With Structure when Building a Small Business

 

What is Small Business in America?  By some definition it is companies of less than 100 employees.  By others it is less than 500 employees.  Some include home based businesses, some do not.  For simplicity we will focus on companies of less than 100 employees and exclude home based business. 

There are 8.1 Million Small Businesses in America today.  They employ over half of all private sector workers and almost 40% of those in High Tech jobs (approximately 130 million workers).  They provide between 60% and 80% of all net new jobs annually.  They produce more than half of all nonfarm private gross domestic profit in the US (roughly $6 Trillion).   Small Business is important.  Pretty impressive stuff.  They also account for over 52% of all retail sales, over 46% of all wholesale sales and almost 25% of all manufacturing sales.  The average annual gross revenue of a small business is $3.6M.  Small Business is profitable. 

Following the collapse of the global economy in 2008, there have been more small business start-ups than at any other time in history. Unfortunately, within 5 years of opening, according to the US Small Business Administration, almost 90% of all small businesses fail. Why? Because often times they are experts at what they do but lack education and training in how to run or operate a business. 

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03 May

Leadership Development is MORE Than an Event

I was speaking to a CEO of a mid-sized service company at a regional trade show.  We were discussing his company leaders, and how proud he was of the leadership training he ensures they get.  “Yup he said, we have a great process, every 18 months we have a leadership meeting in one of the great convention cities, Orlando, Vegas, San Diego, I have a leadership guy that comes in and trains them for a couple of hours on leadership.  It really helps them.”

“Tell me more,” I said.  “That’s all they need, they get leadership training and I know it helps,” was his response.

We talked for some time.  He shared with me the challenges his company faced as his top leadership, with an average age well into its very late 60’s, and he knew ready for retirement.  He had to start thinking about their replacements, “Gonna have to have that conversation soon,” he offered.

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