Essex County Office of
Small Business Development and Affirmative Action
Hall of Records, Room 449A 465 Dr. Martin Luther King Jr. Blvd., Newark, NJ 07102

Articles

Report on the Goldman Sachs 10,000 Small Businesses Initiative

July 16, 2015

The business world is ever evolving. It’s a dynamic arena where new opportunities and ideas that can help companies to grow their revenues and overall market position emerge on a constant basis. However, with these solutions can come a new batch of challenges that can appear magnified when viewed from the perspective of a small business owner.

Assisting the small businesses in learning how to overcome obstacles while effectively growing their company is one of the core goals of the Essex County Office of Small Business Development and Affirmative Action. On Thursday, July 16, the SBDAA partnered with LaGuardia Community College to offer a sample class of the Goldman Sachs 10,000 Small Businesses program titled “Strategies to Accelerate Revenue” at McLoone’s Boathouse in West Orange.

The workshop was led by Paisley Demby, Business Services Director for the Goldman Sachs 10,000 Small Businesses program at LaGuardia Community College. 10,000 Small Businesses is a program designed to provide small businesses with access to business education, financial capital, and business support services so they can create jobs and cultivate economic opportunity.

Discussion centered on the three roles of a CEO: developing strategies that focus on growth, fostering innovation within the company, and delegating all tasks to an assistant or other employee so the CEO can work on the first two points.

In addition, the workshop participants were informed about resources to help them become more effective decision makers. The first is to utilize trade association encyclopedias, which are extensive lists of industry associations that list members and trade shows that can provide an invaluable amount of information and networking opportunities at little to no cost. When growing a network, applications such as ShoeBoxed, which takes receipts and business cards and digitally categorizes them, can be particularly helpful.

Also available in most local libraries are free industry reports, similar to the annual and quarterly ones that IBISWorld and others issue. These can provide meaningful industry metrics to help CEOs with their decision making. They are relied upon by companies of all sizes because of the depth of information provided and their relative wide degree of accessibility. It is also important for small business owners to identify their industry’s NAICS (North American Industry Classification System) codes, a standard used by Federal statistical agencies in classifying business establishments for the purpose of colleting, analyzing and publishing statistical data related to the U.S. business economy.

Finally, the workshop participants were informed about the Goldman Sachs 10,000 Small Businesses program, and its role in elevating small businesses across the country to a new level. The program provides small businesses owners with practical business management education, a network of support, and the capital they need to expand. With more than 4,800 participants across 20 locations and 100 partners, the initiative has already helped bring newfound success to businesses from a wide variety of industries, including information technology, landscapers, photographers, construction and more.

To quality, a business has to have been in operation for at least two years, have an annual revenue between $150,000 and $4 million, and have at least four full-time employees. The deadline to apply for the next session of the Goldman Sachs 10,000 Small Businesses program at LaGuardia Community Collegeis September 21st, and any interested businesses can do so by visiting www.10KSBApply.com.The “Strategies to Accelerating Revenue” workshop is merely one of many events already hosted by the Essex County Office of Small Business Development and Affirmative Action to improve opportunities for small businesses in the area. For more information on their objective and impact, visit http://www.ecbizcenter.com/about-the-sbdaa.