Happy Small Business Week from Reliant Funding! This year’s small business week continues to celebrate the impact that small businesses have on the economy. National Small Business Week was first signed as a proclamation by John F. Kennedy in 1963. Since then, every year the United States celebrates the entrepreneurial spirit that makes up the classic American dream.
Helping Small Business Grow
Reliant Funding started as a small business in 2008 in a tiny office with just a few employees as a broker company. Since then we have changed offices twice and now have offices in La Jolla, CA and Melville, NY and over 150 employees. We have had the pleasure of working with thousands of small business owners across the US as a direct lender and have funded well over 1 billion dollars to help these businesses grow.
From our own journey and from listening to business owners tell their business story and goals, we truly feel we know small businesses. Firstly, being a small business owner comes with challenges each day. It is about how you overcome those challenges and execute your strategy that will determine the success of the business you are running. There are many other factors to running a successful small business.
Running a successful small business means wearing many different hats and having to answer challenges across a range of issues. One day it might be sales, the next an HR issue, or ensuring you are seeing a high return from your latest capital investment. Balancing these roles and the challenges found within them is something you shouldn’t try to do alone.
What is in store for Small Business Week 2019
This year Reliant Funding will be providing a look inside our own journey from the day we were founded through present and provide helpful tips on conquering the common challenges small business owners face.
Each day we will post an interview with a leader within Reliant Funding recalling what it was like during important years in Reliant Funding’s history. We will address common small business challenges:
- How do I establish a strategy for solving high-level challenges my business experiences and how can I grow my business?
- How do I maximize my sales team, the sales process and take the next step to grow into a medium sized business?
- How can I manage employee requirements and maintain a positive company culture during a big change?
- How can I best market my business? What are things I can do to use marketing to see large returns for my business?
To start off the week- Let’s look at Small Businesses in the US.
A Look at Small Businesses in the USA – Reliant Funding
28 million Small Businesses in the United States
The percentage of Small Business Employees in the US Labor Market- 47.5%
Difficulty: 21% of SMBs cited finding qualified employees as their biggest struggle
54% of Small Businesses reported few or no qualified applicants for open positions
34% of all owners reported borrowing on a regular basis
19% of owners reported higher real sales
60% of Small Businesses are making capital outlays. Of that 60% that spent capital, here is how the spending was divided:
44% are using capital for new equipment
29% Acquired vehicles
17% Improved or expanded facilities
6% New building or land to expand
16% New fixtures or furniture