In January 2010 the Tri-County Council for Southern MD announced the completion and release of the regional small minority & women owned business growth report. Click here to download a copy.
The Southern MD area is facing unprecedented demographic changes resulting in increased community diversity and entrepreneurial opportunities. The growth in the region is increasing the demand for a new array of goods and services addressing the needs and interests of a more diverse community. The success of small minority & women owned businesses is increasingly important to our local economy, expanding the tax base, creating new jobs, and creating wealth for families. However the closure rate of these same businesses outpace those of non-minority startups.
The outcome findings identified through the survey responses, stakeholder engagement, secondary research, and general business development knowledge are:
- Minority/women owned firms lack certification and/or business registration. Of the businesses that responded to the survey, 41 percent do not maintain minority certification status.
- Under representation of minority/women owned firms due to businesses operating “under the radar.”
- Firms unable to compete because of an inability to adequately market and position their service offerings. Survey results identified that 37 percent of the businesses require market/new business development assistance and 66 percent reported a need to focus on revenue growth.
- Many firms reported limited financial expertise and access to capital.
- There is a need for business capacity building. Of the businesses that responded to the survey, 22 percent plan to focus on talent and operational issues.