14BB AN INDEPENDENT SUPPLEMENT BY MIA MEDIA & COMMUNICATIONS GROUP TO MIAMI HERALD MONDAY , AUGUST 1 , 2016
SMALL BUSINESS MATTERS
The Power of Small Businesses and Why it ’ s a Good Time Start One
By Denise St . Patrick-Bell , PhD
Dr . Denise St . Patrick-Bell
Fortune 500 companies represent two-thirds of the U . S . GDP with $ 12 trillion in revenues , $ 840 billion in profits , $ 17 trillion in market value and employ 27.9 million people worldwide . But according to the US Dept . of Commerce , small businesses contribute much more to the U . S . economy and society as a whole than can be calculated just from the
SMALL BUSINESS DEVELOPMENT
By Gary T . Hartfield
Gary T . Hartfield , Director Miami-Dade County Small Business Development spending and profit that they generate . These businesses tend to be more economically innovative than larger companies ; more able to respond to changing consumer demand ; and more receptive to creating opportunities for women and minorities and activities in distressed areas .
What constitutes a small business ? The SBA defines a small business as an enterprise having fewer than 500 employees . As of the 2010 Census , there were 27.9 million small businesses registered , compared to only 18,500 companies of 500 employees or more . The most important thing to note is that 99.7 percent of U . S . employer firms are small businesses , and fifty – two percent are home-based .
The small-business sector catalyzes economic expansion in ways which are generally overshadowed by the media focus on big business . Small businesses generate half the nonfarm output of the U . S . economy and employ about half of all Americans not working for government , while adding 60 to 80 percent of net new ( non-governmental ) jobs annually . The small-business sector also
As the director of Small Business Development ( SBD ), a division of Miami-Dade County ’ s Internal Services Department , I ’ m charged with ensuring that a minimum of ten percent ( 10 %) of the County ’ s dollars spent in procuring goods and services are with small businesses . My staff and I are facilitators in ensuring the prescribed 10 % is the floor and not the ceiling .
SBD is responsible for the administration of the County ' s Small Business Enterprise , Wage and Workforce Programs . Responsibilities include administering and enforcing the County ' s certification process for the Small Business Enterprise Programs and the Federal Disadvantaged Business Enterprise Program ; conducting outreach , management and technical assistance to small businesses ; placing small business measures on County contracts ; monitoring contracts to ensure small business measures are met along with Community Workforce measures , responsible and living wage requirements and ensuring that the County contributes to social cohesion by serving as an entry point into the economy for new or previously slighted workers . For instance , women-owned small businesses generate nearly a trillion dollars in revenues annually and employ more than 7 million workers . Small businesses increasingly generate entrepreneurial opportunities for minorities , which census data show as owning 4.1 million firms that generate $ 695 billion annually and employ 4.8 million workers . Small businesses consistently bring economic activity to distressed areas ; about 800,000 companies ( 90 percent of them microenterprises ) are located in the poorest areas of the 100 largest U . S . cities .
Have you thought about starting your own business ? Not sure where or how to start the process ? Rest assured you are not alone . Most of us have dreamed of owning a business , but many more have abandoned their dreams of entrepreneurship . But the good news is that the number of black owned businesses has been rising steadily since 2002 . The less good news is that although African Decent persons in the US comprised 13.1 percent of the 18 and older population in 2012 , only 9.4 percent of all U . S . firms were black or African
Adding Value to Small Business
Prompt Payment Ordinance is adhered to . This is no small undertaking , however SBD is committed to the economic development and growth of the County ’ s small business community .
During the fiscal year 2014-15 , there were approximately 1,500 firms certified in the Small Business Enterprise Programs . That number has increased during this fiscal year due to our outreach efforts to expand our small business portfolio in all areas of County procurement – particularly those areas of “ low to no ” small business participation . As a result of the untiring efforts of SBD in applying small business measures , there was $ 294 million awarded to certified small businesses in fiscal year 14-15 , which was 17 % of County purchases . Through ongoing training and monthly forums , SBD collaborates with industry experts and organizations to provide small businesses with beneficial information adding value to their business and opportunities for growth . SBD also assists small businesses in navigating through
American-owned .
In December , 2015 , the United States Census Bureau reported that based on its latest Survey of Business Owners , there were 2.6 million black or African American-owned firms nationally in 2012 , up from 1.9 million or 34.5 percent from 2007 .
So is this a good time to rethink your dream ? Absolutely ! With all of the resources available , business plan writing , technical assistance and coaching , microlending programs and grants , there is little reason not to pursue entrepreneurship . And our South Florida communities are ripe for black business growth . Since 2006 Florida has consistently ranked in the top 5 states in the number of black owned businesses . Nationally , Miami-Dade County is ranked fifth and Broward County ranked ninth . So take those business plans and ideas off the “ later ” shelf and start working them NOW .
Dr . Bell is the owner of GAICON LLC and a Principal in Global Strategic Partners Alliance , companies dedicated to the growth of the non-profit and small business sectors from concept to capitalization . For more information www . gaicon . net
County processes and provides technical support which includes , but is not limited to assisting with the resolution of payment and contract disputes .
Small businesses are the driving force behind the local economy . From mom and pop businesses to high-tech start-ups , small businesses create most new local jobs and provide opportunities for growth and renewal of our communities . SBD continues to serve the small business community with dedication and innovation , working with them daily to increase their development and growth through participation in County contracting . SBD recognizes that being a small business owner is not for the faint of heart ; it ’ s for the brave , the patient and the persistent . We continually tell our firms “ Believe you can and you ’ re halfway there ”. SBD stands ready to assist them with the other half - to success .
For additional information go to www . miamidade . gov / smallbusiness /.