Small Business Needs Assessment Innovate78
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Summary
SMALL BUSINESSNEEDS ASSESSMENTALONG THE 78 CORRIDORABOUT THE INITIATIVESmall businesses, which represent approximately98 percent of all local companies, are the backboneof the regional economy. This initiative, whichincludes a survey of 164 businesses along the 78Corridor, seeks to uncover insight and gain a deeper 164 12% 62%understanding of small business perceptions ofthe regional business climate. The end goal is todevelop new and enhance existing programming RESPONDENTS SHARE OF SHARE OF COMPANIESand support for small businesses in the 78 Corridor. VETERAN-OWNED OPERATING MORE THAN COMPANIES FIVE YEARS FOR THE PURPOSES OF THIS SURVEY, SMALL BUSINESSES ARE DEFINED AS HAVING FEWER THAN 100 EMPLOYEES
73% OF INNOVATE78 SMALL BUSINESSESSMALL BUSINESS PERFORM ANCE REPORTED FINANCIAL GROWTH IN THE PAST TWO YEARSFINANCIAL PERFORMANCEIn the past two years, nearly three-quarters of R E V E N UE BR E A KDOWNcompanies have experienced an upward trendin their financial performance, with only 12percent indicating a downward trend. Lookingahead, the overwhelming majority - 85 percent 30% 35% 35%- of Innovate78 small businesses expectto grow. In fact, only 5 percent anticipate a 0% 20% 40% 60% 80% 100%decline in their financial performance. LESS THAN $100,000 $100,000 TO $1M MORE THAN $1M SAL E S C H AN N E L CUSTOMER BASE The majority of small businesses along the 78 Corridor engage in business-to-consumer and business-to- business operations. The share of companies doing 63% 68% 16% business-to-government contracting is largely reflective of the procurement opportunities in San Diego’s defense-related industries
BUSINESS-TO BUSINESS-TO BUSINESS-TO -BUSINESS -CONSUMER -GOVERNMENT INTERNATIONAL *Respondents can select more than one“ CALIFORNIA 7% As a small business and being the only employee there is a lot of area to cover
8% What I need the most help with is being introduced to businesses in my area so I can reach out to them and let them know what services I can offer for them.” 16% 49% U.S
-North County Small Business SAN DIEGO COUNTY 20%CUSTOMERS NEAR & FAR SOUTHERN CALIFORNIANearly half of surveyed Innovate78 small businesses have customers withinSan Diego County. Additionally, a significant portion of small businesses exporttheir products to the rest of the state, nation, and even international markets
SOUTHERN CALIFORNIA SMALL BUSINESS SUPPORT IS ESSENTIAL TO A S T R O N G E C O N O M Y. T O S E E H O W W E H E L P, V I S I T INNOVATE7 8.CO M SMALL BUSINESS CHALLENGES 26% 15% 12% M O S T S I GNIFIC ANT S M A L L BUSINESS FINANCIAL STABILITY/ ATTRACTING NEW CUSTOMERS/ HIRING & RETAINING QUALIFIED STAFF CASH FLOW C HAL L ENGE A variety of challenges often hinder small business BUSINESS/SALES competitiveness, and in absence of adequate support, can be the reason small businesses permanently close
While business challenges vary widely by industry, attracting new customers and growing sales was found to be the single, greatest challenge, with more than a 11% 9% 8% 7% GOVERNMENT TAXES INCREASING COSTS/ HEALTHCARE quarter of companies ranking it as the most significant REGULATION MANAGING BUSINESS EXPENSES challenge
“ 6% 4% 2% Attracting and hiring staff has been very challenging. High housing prices mean we must compete heavily on take-home compensation. We are happy to pay employees high salaries, MANAGING COSTS OF EQUIPMENT KEEPING UP WITH GROWTH FOR MY BUSINESS TECHNOLOGIES FOR but only after they can prove that they can do the job.” MY BUSINESS -North County Small Business PR OJ ECT ED F I N AN C I AL P E R F O R M AN CE NE XT TWO Y E A RS 3% 2% LOOKING AHEAD Overall, small businesses feel confident about the 10% future. Of firms surveyed, roughly 45 percent expect to 33% UP SIGNIFICANTLY grow in terms of workforce and 85 percent expect to UP SLIGHTLY FLAT grow in terms of financial performance. For 34 percent of DOWN SLIGHTLY firms marketing will be the most likely future investment
DOWN SIGNIFICANTLY Additionally, 44 percent of firms indicated staff (hiring, retention, and training) is the first or second most likely 52% investment in the near future
M O S T L I KE LY F UTUR E IN V E S TM E N TS BY P R IO R IT Y MARKETING 34% 20% 27% 11% 10%STAFF (HIRING, RETENTION, TRAINING) 27% MY BUSINES S 17% 14% 17% 20% TECHNOLOGY 14% 21% 26% 21% 18% IMPROVING BUSINESS 14% 19% 14% 21% 32% PROCESSES OR SYSTEMS EXPANDING BUSINESS FACILITIES OR CAPABILITIES 12% 23% 20% 30% 20% 0% 20% 40% 60% 80% 100% 1ST 2ND 3RD 4TH 5TH KEY TAKEAWAYSSALES - AND ATTRACTING NEW BUSINESS - IS THE BIGGEST CONCERN FOR INNOVATE78 SMALL BUSINESS OWNERS
88% of small businesses said sales/new business was a challenge, including 26% who said it was a ‘significant’ challenge
JOB GROWTH ALONG THE 78 CORRIDOR IS LIKELY TO CONTINUE TO BE FUELED BY SMALL BUSINESSES
Over the next two years, 45% of 78 Corridor small businesses intend to have more employees, while only 6% say they will have fewer employees
THERE IS LOW AWARENESS AMONG SMALL BUSINESS OWNERS OF RESOURCES AVAILABLE VIA EDCs, JURISDICTIONS, AND OTHERS
Although some small business owners intend to work with outside resources, a significant portion do not intend to use resources offered. In fact,although access to capital was a commonly cited area of need, 48% of businesses do not intend to use services offered by CDC Small Business Finance
U ND E R WR IT T E N BY A collaboration between the cities of Carlsbad, Escondido, Oceanside, San Marcos, and Vista
SMALL BUSINESS NEEDS ASSESSMENT ALONG THE 78 CORRIDOR Small businesses, which represent approximately 98 percent of all local companies, are the backbone of the …
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Frequently Asked Questions
What is a business needs assessment?
A Business needs assessment, in simple terms, is finding out what the organization needs. But, in a busy company with so many things going on, it’s hard to pin down exactly what the organization needs and what may be holding it back. This is where a business needs assessment begins.
What are the solutions to a needs assessment?
The solutions may include training, changing the method of allocating the organization’s resources and recruiting new employees. A needs assessment is a standard and reproducible way of determining and prioritizing the community’s needs to take action.
What is process streets business needs assessment template?
Process Street has created a business needs assessment template which will help you to analyze your current situation, identify your needs, prioritize those needs and make decisions on how to achieve those needs. Process Street is super-powered checklists.
What is the scope of a needs assessment?
A needs assessment can either be small or large, and the methods and scope of the assessment depend on the purpose and the available resources. Therefore, it is important to develop a plan and have a clear criterion for assessing the needs before the data is collected.