During Small Business Week, small businesses in Central and Upstate New York are being recognized for their achievements. The Small Business Development Center at Onondaga Community College has named eight small businesses of the year, one in each of the counties it serves. Among the honorees are Clean and Glo Cleaning Services in Syracuse and Broadwell Hospitality Group in Oswego County. According to SBDC regional director Bob Griffin, success for small businesses depends on several factors that vary depending on the industry and market.
Griffin emphasizes the importance of following business fundamentals, managing cash flow, providing the right product or service to the right consumers at the right time, and being resilient and innovative. Without these essential components, data shows that businesses may struggle regardless of the owner’s efforts. The SBDC office serves around 2,000 clients annually, with 80 percent being start-ups in their first one to three years of operation. Unfortunately, Griffin notes that 95 percent of these businesses will not succeed.
While this statistic may seem discouraging, Griffin believes that sometimes not launching a business is the best decision. As advisors, their role is to provide entrepreneurs with information so they can make informed decisions about the viability of their business. Sometimes, the best answer is not to move forward in order to prevent financial loss and personal hardships. The Small Business Administration will announce the Upstate New York Veteran-owned small business of the year on Friday.
The 2024 Small Business of the Year honorees represent a diverse group of businesses from various industries and counties across Central and Upstate New York. Each business has demonstrated resilience, innovation, and success in their respective fields despite facing challenges such as economic uncertainty and changing consumer behavior.
Griffin stresses that starting a small business requires careful planning and execution. He advises entrepreneurs to conduct thorough market research to determine if there is a demand for their product or service before investing significant resources into production or marketing efforts.
In addition to following sound business principles, Griffin suggests that entrepreneurs should also be open to feedback from customers and willing to adapt their products or services based on customer needs.
Overall, Griffin believes that while there are no guarantees for success when starting a small business, those who follow sound business principles and remain resilient can overcome any obstacle they encounter.
The Small Business Development Center at Onondaga Community College offers free services such as training programs
