Small Business Needs Assessment Grand Valley
1686143584
File Name: viewcontent.cgi?article=1205&context=sbr
File Size: 180.48 KB
File Type: Application/pdf
Last Modified: 2 years
Status: Available
Last checked: 8 days ago!
This Document Has Been Certified by a Professional
100% customizable
Language: English
We recommend downloading this file onto your computer
Summary
Seidman Business ReviewVolume 23 | Issue 1 Article 112017Small Business Needs AssessmentJennifer DeamudGrand Valley State University, [email protected]Follow this and additional works at: https://scholarworks.gvsu.edu/sbrRecommended CitationDeamud, Jennifer (2017) "Small Business Needs Assessment," Seidman Business Review: Vol. 23 : Iss. 1 , Article 11
Available at: https://scholarworks.gvsu.edu/sbr/vol23/iss1/11Copyright © 2017 by the authors. Seidman Business Review is reproduced electronically by [email protected]. https://scholarworks.gvsu.edu/sbr?utm_source=scholarworks.gvsu.edu%2Fsbr%2Fvol23%2Fiss1%2F11&utm_medium=PDF&utm_campaign=PDFCoverPages Small Business Needs Assessment Jennifer M. Deamud, M.P.A., M.S., COO/Associate State Director Michigan Small Business Development Center Small businesses are expanding the challenges small businesses are seeking to address
and thriving in Michigan, but Respondents were most likely to seek outside help for increasingly they find they need challenges related to defining and serving a market and assistance in managing their accessing capital
growth and success. • The extent of small business challenges and access to outside assistance vary by region within the state
This article highlights some key • In-person methods of delivering small business services and findings of a recent statewide support were perceived as more effective than other methods
project focused on small business growth, challenges Lessons and Implications and how to help Michigan • It is increasingly important to tailor approaches to outreach small businesses prepare for and service delivery in order to meet the needs of more future success. It has been diverse business owners
twenty-five years since a • Outreach and service-delivery strategies that emphasize comprehensive small business positive impacts on sales growth may help convince moreneeds assessment of this depth was conducted in the state small businesses to engage outside help
by a combination of partners. • Firms might value advice in deciding whether to seek outside assistance and in locating appropriate help. FirmsThe study was designed to answer the following questions: may need to be more aware of available resources
•W hat are the key barriers and challenges that impede the • Considering the volume of small firms and variety of survival and growth of small firms? What are the key service challenges facing small businesses, the data in this report needs that arise from them? may provide some basis for targeting services in challenge•W hat beliefs do business owners have about the most areas where firms are looking for outside help and effective means of delivering business services? struggling to find it
•H ow can providers of business services apply their services • In regions with lower perceived levels of access to needed and resources to better meet the needs of small businesses? assistance, additional assessment of service availability and barriers to access may be necessary in order to developKey Findings effective strategies to better connect small businesses with•D iversity among small business owners is increasing. The high-quality service providers
proportion of businesses owned by racial minorities and • When designing and delivering small business services, women is on the rise. efforts to increase efficiency and convenience should be•M ore than two-thirds of the businesses surveyed indicated balanced with an emphasis on relationship-building and that they have a “strong desire and take steps to scale up face-to-face contact with customers
the company.”•N early all businesses experience challenges, but relatively few Growth Orientation seek outside help to address those challenges. Almost 90 Nearly 70 percent of respondents indicated that they would percent of respondents noted one or more challenge areas, describe their businesses as growth-oriented, meaning they and 45 percent identified two or more areas as challenging. have a “strong desire and take steps to scale up [the] However, only 50 percent of those experiencing challenges company” (Figure 1). An additional 23 percent of respondents indicated that they had ever sought outside assistance to described their businesses as stable in size and annual address those challenges. revenues, with only nine percent indicating that their•D ecisions to seek outside assistance and experiences with businesses were downsizing, preparing to close, or closed
outside business services are influenced by the nature of26 Seidman Business Review • 2017 Small Business Assistance Figure 1: Self-Reported Growth Half of the small businesses facing challenges sought outside Orientation of Small Businesses assistance. Although 9 out of 10 small businesses indicated that they experienced challenges in at least one of the areas Decreasing listed, only 50% indicated that they had ever sought outside Size/ Revenue Preparing assistance with addressing any of those challenges. As illus- 6% to Close trated in Figure 2, though, the likelihood of a small business or Closed deciding to seek outside help increased as the number of 3% identified challenges increased
Stable Size/ Figure 2: Proportion of Businesses That Revenue Sought Outside Help for Any Challenge, 23% by Number of Challenges Identified 1 42.2% Number of Challenges 2 62.5% 3 76.4% Growth- Oriented 68% 4 82.4%Among growth-oriented businesses, sales were, by far, 5 93.8%the most frequently identified target for business growth
Proportion of businesses seeking to grow sales, market share 0% 20% 40% 60% 80% 100%or headcount:• 57.1 % seeking to grow sales• 12.2% seeking to grow market share• 10.7% seeking to increase headcountSmall Business ChallengesSmall businesses face a myriad of challenges that can impactgrowth and/or stability. Survey respondents were askedwhether the stability or growth of their companies was limitedby challenges. Nearly all businesses experienced challenges
The proportion of respondents who selected each area as achallenge were:• 36.9 percent in defining and serving a market• 35.6 percent accessing capital• 29.2 percent in workforce or talent development• 20.2 percent in operations and technology• 13.5 percent in management or administrationWhile no single area was identified as a challenge by morethan 37% of respondents, almost 90% of respondents indicatedthat they experienced challenges in at least one of the areas
Forty-five percent identified two or more areas as challenging
www.gvsu.edu/business 27 Communication Channels for Delivering Michigan SBDC and the PINE ConsortiumInformation Needed by Small Businesses The Michigan SBDC is funded by a combination of federal,Survey respondents were asked to rate the effectiveness state and local funding to provide business counseling, training,of various communication channels in delivering the secondary market research assistance and technologyinformation needed to run a successful business. The commercialization services to existing and startup businesses
majority of respondents perceived nearly all of the options The Michigan SBDC guides small business as well as keeps apresented below to be somewhat effective or very effective. pulse on small business needs all across Michigan to ensureThe communication channels rated as effective by the the right services and tools are available to help smallhighest proportion of respondents, though, tended to be businesses succeed. For sixteen years, the Lead Center ofthe options that involved in-person interaction (i.e., informal the Michigan SBDC has been hosted by Seidman Collegenetworking, face-to-face meetings, and in-person workshops of Business, Grand Valley State University
or training sessions). On the other hand, the options leastlikely to be rated as effective were those that often require Both the Michigan SBDC and SBAM are part of the PINEsorting through a wide variety of content in order to find Consortium, an international collaboration of business,specific and relevant guidance (i.e., e-mails; Twitter, government and university members helping to betterFacebook, or other social media; and newspapers). align public and private entrepreneurial support with the priority needs and interests expressed by small and medium-size enterprises
Figure 3: Most Effectiveness of Means for Delivering Assistance Somewhat Effective Very effective Informal networking 44.0% 34.2% Face-to-face meetings off site 32.0% 45.7% In-person workshops or training sessions 36.7% 37.8% Face-to-face meetings at your site 28.1% 41.4% Written materials from consultants or advisers 43.5% 23.7% 0% 20% 40% 60% 80% 100%In Summary MethodologyThere are a significant number of small businesses in Michigan The research team at PPA used an online survey tool andthat are positioned for growth. These small businesses plan to, e-mail invitations to engage potential respondents. Theand in many cases will, encounter a number of challenges. The target audience included Michigan firms with fewer thanresults and the information gathered by the Michigan Small 500 employees. The pool of invitees was assembled fromBusiness Needs Assessment will provide guidance on how to multiple business lists, including a subset of Michigan SBDCbetter serve Michigan’s small businesses to help foster their clients, current SBAM members and a proprietary list ofeconomic growth. Michigan businesses. A total of 1,186 usable responses were completed. These responses were then weighted accordingAcknowledgments: to sector, age of business, and number of full-time employees,The Michigan Small Business Development Center (Michigan to permit results that represented the full spectrum ofSBDC) would like to thank the Small Business Association of Michigan businesses
Michigan (SBAM) for collaborating on this joint researchproject, the expertise of Public Policy Associates (PPA) andNeil Sheridan who facilitated the project collaboration withPINE and fielded the survey
28 Seidman Business Review • 2017
Project focused on small business growth, challenges and how to help Michigan small businesses prepare for future success. It has been twenty-five years since a comprehensive small …
Documemt Updated
Popular Download
Frequently Asked Questions
What is a business needs assessment survey?
What is Business Needs Assessment Survey? A needs assessment survey is process used by companies or organizations to help them determine priorities, guide them in making organizational improvements, or allocate resources.
What is a needs assessment and why is it important?
A needs assessment can help the company identify if there is a need fro additional trainings or seminars to help their employees improve their productivity and performance. It can also help the company determine what needs to be prioritized in terms of business strategies and operations, maximizing equipment use and so on.
Why choose business administration at gvsu?
Job opportunities in business administration are expected to grow 6% in the U.S. by 2026. GVSU's business programs receive accreditation from AACSB International. Business classes are held in the thriving business community that is Downtown Grand Rapids. Program Focus. Leadership skills, strategy, and customer-oriented perspective.