For some business owners, while the idea to grow their business is attractive, myths surrounding how to grow the business can be stifling.
Growing a business requires a different plan than starting a business. According to Neil Singh, one of the top thought leaders in emerging technology in the US and Director of Business Development for Cleveland, Ohio based Team NEO, one of the biggest myths business owners believe when considering growing their business is that economic development agencies only help large corporations and that small to medium sized businesses are overlooked.
“The majority of companies we help with growth initiatives are mid-market companies; there are also new innovative programs being launched to provide more support to earlier stage smaller businesses, and DEI initiatives which focus on minority or female founders where the threshold to qualify for incentives is easier for small businesses,” said Singh.
Business owners eyeing growth and change need to step back and look at the economic development ecosystem. Let’s presume a company wants to add 30 jobs over the next three years; there are several factors and questions that ought to be explored before simply adding another shift or expanding the product line. For example:
- What does 30 jobs look like from a payroll perspective?
- Is that ten jobs per year or a slow growth over three years with one or two jobs during the first year?
- What type of talent does the company need for these jobs?
- Will the in-demand talent be skilled labor or licensed professionals?
- Is that talent readily available in your current geography?
- What is the current economic climate of your geography?
- Do you need to conduct a national search with potential relocation assistance to secure specialized talent?
Team NEO works with companies to create awareness of the economic development ecosystem and identify relevant resources that are available based on size, sector, or industry. And, according to Singh, Team NEO works closely with business owners to help define what the criteria is for their business to qualify for various financial incentives and discuss the opportunities to secure non-financial resources to further help businesses grow.
Learn how you can discover new opportunities to grow your business. Listen to Neil Singh explain more on Biz chat Ohio’s podcast here: https://bizchatohio.com/2021/04/25/podcast-1-1-neil-singh/
Visit Team NEO at https://teamneo.org/ and check out Neil’s website at https://www.neilsingh.co/
This blog is made possible by Lakeland Community College and the Ohio Small Business Development Center. Stay up to date with the latest blogs and our Biz Chat Ohio podcast episodes. Sign up today at BizChatOhio.com to receive our latest posts, freebie content, and our next podcast episode.
If you have a business question or an idea for an amazing guest or business topic, email the Small Business Development Center at cwalsh@lakelandcc.edu.
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