Supporting Small Businesses in Economic Development: Tips for Long-Term Success
January 13, 2025
Economic development organizations take a multi-track approach to sustained community growth. Supporting local small businesses is frequently a top priority for intracommunity growth, and its importance grows in economic downturns or times of crisis. There are several ways to champion these enterprises no matter the size of the program budget. New and established businesses are often best assisted with training programs and resources filling the gaps created by smaller staff sizes and limited finances. However, grant and loan programs remain an incredible tool for growth and can be deployed strategically to maximize results in specific geographical regions or industry sectors.
Elevate small businesses with training
While businesses with less than 100 employees are considered small, many local businesses make do with significantly fewer staff covering multiple bases an entire team may tackle in a larger enterprise. When one person is human resources, payroll, marketing, and more, obtaining essential training to maintain or grow a business becomes difficult. Providing easy-to-access local training targeting the latest developments in marketing, management, employee retention, or niche topics unique to your local economy helps small businesses stay competitive and learn new ways to compete locally, nationally, or globally.
