Big corporations have the benefit of an executive team of experts in finances, human resources, marketing, and more. However, small businesses also have resources available to help them assemble their own team of experts to help their business succeed, area small-business experts say. Small businesses are often operated by owners, says Zachary Steffen, regional director […]
Big corporations have the benefit of an executive team of experts in finances, human resources, marketing, and more. However, small businesses also have resources available to help them assemble their own team of experts to help their business succeed, area small-business experts say. Small businesses are often operated by owners, says Zachary Steffen, regional director of the Mohawk Valley Small Business Development Center (SBDC) in Utica. “They’re often started by a person who is really good at the thing the business does,” he notes. But that person may not be as good at the other necessary functions that come with running a business. While larger companies hire people who are good at those tasks to manage those duties, small-business owners often need help fulfilling some of those other roles, he says. That’s where organizations like the SBDC can help. “I like to think of us as a first stop,” Steffen says. What help a small business may need depends on what stage the business is in, he says, but the SBDC can help at all stages. Business advisors can help right from the beginning, when someone has an idea for a business they want to start and need to know if it’s viable, Steffen says. The SBDC can help existing businesses build financial projections, tackle workforce issues, become a certified minority-owned or woman-owned business, land government contracts, and more, he adds. “We can help business with marketing plans,” says Steffen. “We can help businesses with transition plans. We can help people at all stages of that business life cycle.” Along with providing services, the SBDC also serves as a conduit to refer businesses to other available service providers, he adds. “We have some great resources here that are offered with Mohawk Valley Community College,” Steffen notes. That includes the thINCubator, which offers co-working space and other services. Local industrial development agencies provide an array of resources, often including grant or loan funding for businesses. “We have many chambers of commerce in the area which I think are great resources,” Steffen says. Those chambers are great options for businesses looking to boost their visibility and network. “I also encourage people to reach out to their banks and credit unions,” Steffen adds.
Financial-services providers
Financial institutions can do a lot more for businesses than providing deposit accounts and loans, says Jamison Flora, senior VP and business banker sales manager for Community Bank. “We really can add a lot of value to the clients in terms of education,” he contends. Business bankers can help with a variety of issues from understanding cash flow to weighing in on large decisions like purchasing real estate. “We provide a lot of resources through our people.” Understanding that small business owners are busy running their business, Steffen encourages them to find the time to reach out and learn more about the resources available to them. “We would like to raise the awareness that these services exist,” he says. There are also resources available online through the New York SBDC, which will direct people to their closest SBDC office, and the U.S. Small Business Administration.