Four Trends for Small Business Growth in a Slow Economy
June 4, 2012
Despite the country’s slow climb out of the recession, some small businesses are bucking the trend and showing stellar growth.
Some of these success stories are highlighted in the Urban 100.
This year, ICIC’s Urban 100 revealed a number of shared traits that contributed to their growth and success:
- Employee retention tactics that focus on investment in the workforce through enhanced employee benefits, healthcare, opportunities for continuing employee education and other programs that speak to a well-thought out recruiting strategy that will enable you grow your business.
- Establishment of a large “anchor” customer (such as a healthcare system) that has been able to weather the economic downturn fairly unscathed.
- A business plan that is focused on making money while supporting a “good cause,” such as providing healthy and low-cost school lunches.
- Pursuit of a food service business in general; the food service industry is seeing a lot of growth, even as other small businesses are struggling.