Boosting North Carolina’s Mid-Sized Businesses: Practical Strategies to Achieve Sustainable Growth

By Ron Sweetman of SBTDC at UNC-Charlotte and Rachel Bridgers of SBTDC at East Carolina University

As a mid-sized business owner, you understand the significant role you play in driving the economy forward. Businesses like yours create jobs, spur innovation, and contribute to the vibrancy of our local communities. But, like everyone, sometimes you hit roadblocks on your journey to growth. That’s where the Small Business and Technology Development Center (SBTDC) can step in, offering practical strategies to help you overcome these challenges and achieve sustainable growth.

Our Perspective: Combined Expertise to Support Your Growth

Insights from a Former CEO 

Ron Sweetman, Former CEO and General Business Counselor at SBTDC

As a seasoned business owner with 30 years of experience and a general business counselor at the SBTDC, I understand the unique challenges faced by mid-sized businesses in North Carolina. Here are some insights and strategies to help you navigate these challenges.

Internal Barriers for Mid-Sized Businesses

• Insufficient Strategic Planning: At the SBTDC, we help businesses develop robust strategic plans that outline clear goals, identify potential obstacles, and chart a path for sustainable growth.
• Outdated Processes: We assist in identifying inefficiencies, implementing modern solutions, and optimizing your processes to drive productivity and profitability.
• Leadership Gaps: Through targeted leadership development programs and personalized coaching, the SBTDC can help you cultivate strong leadership capabilities within your organization.

External Barriers for Mid-Sized Businesses

• Economic Fluctuations: Our experts provide insights and strategies to help you weather economic uncertainties, diversify revenue streams, and build financial resilience.
• Regulatory Changes: We offer guidance on compliance best practices, ensuring that your business operates within the bounds of the law while minimizing risk.
• Market Dynamics: Through market research, competitor analysis, and strategic planning support, the SBTDC can help you stay ahead of the curve and capitalize on emerging opportunities.

Insights from a General Business Counselor 

Rachel Bridgers, General Business Counselor at SBTDC

As a general business counselor at the SBTDC, I work with mid-sized businesses daily, helping them navigate their unique challenges. Some areas where we see businesses like yours needing support include:

1. Access to Capital: Many mid-sized businesses struggle to obtain loans or attract investors, which can limit their growth potential.
2. Talent Acquisition and Retention: Finding and retaining skilled employees is crucial. Mid-sized businesses often compete with larger companies that can offer higher salaries and more extensive benefits.
3. Navigating Regulatory Changes: Keeping up with evolving regulations and compliance requirements can be daunting. Mid-sized businesses need to stay informed and adapt quickly to avoid penalties.
4. Scaling Operations: Growing from a small to a mid-sized business involves scaling operations efficiently. This includes managing supply chains, maintaining product quality, and expanding customer service capabilities.

Practical Tips for Immediate Implementation

From Both Perspectives:

1. Enhance Digital Presence: Invest in your online presence. A strong website and active social media channels can help attract customers and top talent.
2. Focus on Employee Development: Offer training and professional development opportunities. This not only improves skills but also boosts employee morale and retention.
3. Optimize Operations: Regularly review and streamline your operations. Look for inefficiencies and implement process improvements to save time and money.
4. Network and Collaborate: Join local business associations and attend networking events. Building relationships with other business owners and industry leaders can open up new opportunities for collaboration and growth.

Success Stories and Testimonials

Here are a few examples of how SBTDC has helped businesses like yours:

• Case Study – Strategic Growth and Team Building: A pediatric outpatient therapy clinic expanded from 25 to 65 employees but faced challenges with HR policies and operations. The SBTDC provided a competitive analysis, operational strategy support, and guidance on building policies and procedures. As a result, the company expanded its facilities and diversified services, fostering a supportive work environment and enhancing community involvement. This strategic approach helped them to be nominated for the Small Business Leader of the Year Award.
• Case Study – National Export Success: A local niche manufacturer sought to expand through government contracting and international markets. The SBTDC assisted with their SAM registration, developed a government contracting marketing strategy, and provided export compliance and market development support. As a result, they secured $24,000 in SBA STEP grant funding, boosting their international presence. Exports now account for one-third of their sales, leading to their recognition as SBA’s 2023 National Exporter of the Year.
• Case Study – Business Resilience: A family-owned tool rental business faced severe financial challenges during the 2008 financial crisis. With the help of the SBTDC, owner Rob Waddington pivoted to event rentals, secured financing, and improved financial management. This strategic shift and ongoing support resulted in nearly doubled sales and the addition of three full-time employees.

Leveraging SBTDC Resources

• Financial Advisory Services: We provide guidance on securing loans, managing cash flow, and optimizing financial strategies. Our experts can help you develop solid business plans and financial projections to attract investors.
• Talent Management Support: We offer workshops and consulting services on effective recruitment, retention strategies, and creating a positive workplace culture. Leveraging our network can connect you with top talent.
• Regulatory Compliance Assistance: Our advisors stay abreast of regulatory changes and can help you understand and implement necessary compliance measures. We provide resources and training to keep your business compliant.
• Strategic Growth Planning: Our team assists in developing strategic plans for scaling operations. This includes market analysis, identifying growth opportunities, and improving operational efficiencies.

Conclusion

Navigating the complexities of running a mid-sized business requires a blend of strategic planning, access to resources, and continuous learning. At the SBTDC, we are committed to supporting mid-sized businesses in North Carolina through expert advice, tailored services, and valuable resources. By leveraging our expertise and the initiatives highlighted in our client success stories, you can overcome challenges and drive your business towards sustained success.

Let’s work together to achieve your business goals. Reach out to your local SBTDC office today.