Posted at 9:03 AM
The number of minority-owned businesses continues to grow and bring value to the U.S. economy. Despite their growth, minority business enterprises (MBEs) continue to face challenges in access to capital, contracts, markets and overall resources.
Over the past year, MBDA’s network of business centers has shone a light on business topics, from marketing to optimizing millennials, pertinent to MBEs. In case you missed it, use this guide to catch up on tools, tips, and techniques to take your business to the next level. It’s time to gear up, restrategize, reprioritize, and refocus to help your business reach its greatest potential.
Highlights from the 2016 – 2017 MBDA Business Center webinars and fact sheets for your business GROWTH.
The Capital Network
Access to working capital is necessary to maintain business operations and achieve growth, however, it remains the number one challenge facing minority-owned businesses. With advancement in technologies and alternative forms of funding, businesses have exposure to more lending options and resources. Are you prepared to navigate the shifting lending landscape?
It’s never too early to start succession planning – in fact, preparing for the future better informs your decisions today. Businesses that implement succession planning into regular employee growth plans have a more focused understanding of key roles within the company and who has the skillset to meet those needs. However, the art of succession planning is a balance between instinct and the strategic analysis of human capital.
96% of the world’s consumers reside outside of the U.S. Exporting firms have the potential to tap a broader market, but often U.S. businesses are unsure of how to select international markets that align with business goals in order to create their global footprint. MBDA has four specialized export centers staffed with experts to help expand your global business opportunities.
Millennials are the largest generation in the U.S. workforce, representing 53.5 million employees. Many millennials have adapted workplace characteristics and habits that vastly contrast traditional Generation X and Baby Boomer workplace practices. These young dynamic professionals can be an asset to growing businesses, but attracting and retaining them requires new approaches.
Marketing is a powerful tool for growing businesses that requires a deep understanding of the target audience, communication channels, and marketing processes to meet revenue goals. Businesses must customize their marketing strategies and tactics. Effective marketing must be internal and external and clearly articulate your business value proposition in ways that resonate with your audience.
Scaling up a business requires planning and an assessment of strategic goals against the tools that are necessary to achieve those goals. Business operations are essential to sustainability and is the differentiator between successfully providing goods and services for 200 customers or 2,000,000 customers with the same quality assurance. A solid infrastructure is dependent on the standardization of best practices and knowing when and how to use or preserve company resources—understanding the ebb and flow of the process based on your industry and size can ensure your growth and success.
Does your business introduce and create new ideas, workflows, methodologies, processes, services or products to solve problems and reach new customers? If so, your business may already be forging innovation in its industry; however, business innovation is an ongoing process that requires knowledge of changing technologies and industry trends. Innovation must be constantly assessed and applied to continuously disrupt industries. MBEs can use information about business innovation to continuously challenge practices and processes to increase lead generation and expand their customer base.
We Are Where Businesses Come to Grow!
Funded by the Minority Business Development Agency – our national network of MBDA Business Centers provide customized business development services that help your company gain greater access to capital, markets, and contract opportunities. Visit www.mbda.gov/grow to access a repository of resources with information created for business professionals, like you. Locate your nearest Center and speak with a business expert today.