Economic Development Organizations
If Your Community Wants Job Creation, You Must Focus on Small Businesses.
Many American communities are facing challenging times with unemployment, slow job creation, and the loss of jobs due to automation. However, research shows that if job creation is important to your community, your best path to growth lies with small businesses. Small businesses account for 64% of net job creation in the private sector. In difficult economic times, small businesses contribute even more. After the last recession, the share of net new jobs attributable to small businesses grew to 67%.
Can One Economic Development Organization Serve Hundreds of Businesses?
Serving local businesses through economic development organizations has always been a big challenge. There may be hundreds or thousands of small and medium-sized businesses in your community but just a few economic development staff to serve all of them. This ratio makes it impossible for overworked and understaffed economic development organizations to personally help all of these local businesses with customized assistance for each company. No matter how amazing the economic development professionals are, they are still humans that can’t work 24 hours a day and serve hundreds of businesses at once.
The good news is that there is help for economic developers because SizeUp can serve as many businesses as your community has and can take work pressure off of economic developers.
How Economic Development Organizations are Empowering Their Local Businesses.
Smart communities are empowering their local businesses to succeed with information. This levels the playing field so that their small businesses can access the same types of intelligence that big companies use. This enables local businesses to make smarter decisions through data, upgrading the ability of small businesses to be more successful and grow as modern companies.
Organizations like the Greater Oklahoma City Chamber of Commerce, City of Scottsdale in Arizona, Greater Fort Lauderdale in Florida, and the Small Business Development Center at Navarro College in Texas are just a few examples of those who recognize the importance of fostering an online strategy to support local businesses. This approach makes their community a better place, with more successful businesses that foster job growth and taxes that create quality amenities, including parks, libraries, schools, public safety, and more.
These places are actively enabling their small businesses to make data-driven decisions for success using an online service called SizeUp LBI (Local Business Intelligence). By implementing the service on government, chamber of commerce, Small Business Development Center, and library websites, communities are able to help their local businesses make better decisions. They help these companies know things about themselves they would never otherwise know without access to this powerful business intelligence.
Access to this kind of online market data changes the playing field for small business owners. SizeUp LBI addresses these critical changes with four market intelligence tools: Business and Industry Analysis, Competitive Intelligence, Advertising Analysis, and Demographic Analysis.
See SizeUp in Action
Economic developers are now in one of the most difficult positions we’ve ever been in as a result of the coronavirus pandemic. We want to offer economic developers more help to address these challenges.
In a response to public health policies many businesses closed down to prevent the spread of coronavirus. Even businesses that remained open or have reopened are operating at a limited capacity.
- Local business owners (many of which are still at home) are thinking about how they can improve business and gain back lost revenues once things get back to normal. Businesses that are reopening are looking for solutions to jumpstart back into business.
- Entrepreneurial workers are planning the business they’ve always dreamed of opening.
- Laid-off workers may have no choice but to pursue some type of self-employment as unemployment is the highest it’s been since the Great Depression.
With the need for business assistance in high demand but short supply, and with scarce ability to go personally sit down with any business advice experts because of social distancing, online resources will be the only option available to plan for their new business or to resurrect their current company.
SizeUp has software that can help. Is SizeUp going to fix all the economic problems this country is facing? No, it is not. But it can be part of the solution. We know we can help, and we feel a moral responsibility to do so. As such, until the end of October 2020, SizeUp will completely waive setup fees to have SizeUp LBI small business assistance services added to your EDO’s website. Every business in your community will be able to use SizeUp LBI for free directly from your website. We know businesses need assistance more than ever right now, so SizeUp wants to partner with you to help the many entrepreneurs in your community from the safety of their homes.