Adjusting to an Evolving Business Climate

Written by the Regional Administrator of the Small Business Association, Mr. Stan Nakano congratulates the winners of the most recent Small Business Week. Spotlighting the many different small businesses here in Utah in the innovative ways of creating the best business environment they can. Small businesses have grown in number and economic sustainability. The growing number of loans also helps the overall economy to grow in relation to those small businesses.

This news article proves that the research I am doing on small businesses being vital to Utah economy, to be true.  Utah is growing in expansion of small businesses, creating more of a lean onto those said businesses to keep the economy alive and well. During small business week, businesses are striving to be noticed and for that to happen., they need support from us, the consumers.

Nakano, Stan. "Adjusting To An Evolving Business Climate." Enterprise/Salt Lake City 44.38 (2015): F3. Regional Business News. Web. 22 Mar. 2016.  

Nakano, S. (2015). Adjusting to an evolving business climate. Enterprise/Salt Lake City, 44(38), F3.

Investment Fund has Benefits

Back in June 2006, the Southeast Utah Small Business Investment Fund was reviewed in order to determine the " its level of economic benefit to the rural communities of southeastern Utah, measure  the effects the program has had on participants’ use of public assistance, and look at the efficiency of program administration. The main goal of this group is to help lower income families, wanting to start a small business, the opportunity to do so by funding proceedings. As of now, it is only funding businesses in the rural southeast of Utah, but hopes to expand soon to other areas as well. 

This applies to my research because small businesses are vital to Utah's economy. In supporting those who are willing to start their own small businesses, helps the economy grow immensely, especially in the rural areas of Utah where there are not many large franchises to shop from. Though this is a great program, it has been short lived for some because there is still a significant amount of public assistance payout still occurring for the area. Overall, it has proved to be beneficial for most participating businesses. 

 Utah. Legislature. Office of the Legislative Auditor General. Southeast Utah Small Business Investment Fund Provides Some Economic Benefits. Salt Lake City, 2006. [Report to the Utah Legislature] ; No. 2006-07. Utah State Library. Web. 21 Mar. 2016. <http://www.le.utah.gov/audit/06_07rpt.pdf>.  

 Utah. Legislature. Office of the Legislative Auditor General. (2006). Southeast Utah small business investment fund provides some economic benefits ([Report to the Utah Legislature] ; no. 2006-07). Salt Lake City. Retrieved March 21, 2016, from http://www.le.utah.gov/audit/06_07rpt.pdf 

3/50

The 3/50 Project was designed to stimulate local economy and create an opportunity for small businesses to be stronger in clientele. It encourages customers to pick just three local small businesses and spend fifty dollars. It has been proven that when $100 are spent, $68 of that stays local. This is in comparison to only $43 from national chains, and zero when bought online. This will generate upwards of 43 billion dollars in extra revenue. This is a call to action. You as the customer must be willing to shop local.

The 3/50 Project is another great resource for small businesses. In my personal life, the business I work for, is a part of this. It really does help, more than one would expect. Working in conjunction with Small Business Saturday as well, gives these store owners a chance to survive,

 "The 3/50 Project ::: Home." The 3/50 Project ::: Home. Web. 02 Mar. 2016. <http://www.the350project.net/home.html>. 

 The 3/50 Project ::: Home. (n.d.). Retrieved March 02, 2016, from http://www.the350project.net/home.html 

Open the Doors

When the recession hit in 2008, small businesses all over were forced to let employees go or close doors. The majority of businesses in Utah have less than one hundred employees so this was really hard for many people to go through. That being said, even though so many got let go, once the economy started back on track, small businesses started to hire those people back. This helped the economy grow even more to get back on track. Hiring in small businesses has created a commitment to keeping those businesses alive.

This applied to the historical aspect of my research as I looked at the recession and what it did for small businesses. In this, I learned that the more people who are hired into small businesses tend to stay and work better than those in a large company. Small businesses are a risk, so having loyal employees is a must.

Coon, John. "Opening The Doors: Utah Small Businesses Enjoying Growth Again." Utah Business 26.9 (2012): 44. Regional Business News. Web. 22 Feb. 2016.

Coon, J. (2012). Opening the Doors: Utah Small Businesses Enjoying Growth Again. Utah Business, 26(9), 44.

Going Local

By spotlighting small businesses here in Utah, we can get an idea of how vital they are to Utah economy. We learn that the owners are just like you and me and need support to stay in business. In return, these owners are being innovative in what they are setting their businesses up to be. They are keeping up with changes in technology and styles of retail. We get to know these people in the way they portray the business they worked so hard to create.

This article works well with my research because it mentions the two businesses that got me interested on the topic in the first place, Jane and Groopdealz (now Eleventh Avenue). When I noticed that more and more the clothing I was purchasing came from small local stores, I wondered how much have they impacted the economy around me or if there was even a difference without them. This is how I got the topic of small business  sustainability with and emphasis on the fashion aspect.

Beers, Heather. "Going Local." Utah Business 29.6 (2015): 56. Regional Business News. Web. 22 Feb. 2016.

Beers, H. (2015). Going Local. Utah Business, 29(6), 56.

Utah: A Friendly Place

As a person who has lived in Utah their entire life, I can attest to the statement that "Utah is a friendly place for small businesses". By excelling in may categories, all pertaining to small-business friendliness.  The results of this ranking came about after  looking and surveying 12,000 plus small businesses for qualities like employee hiring and taxes. Utah just came out on top with everything.

I related this to my research because I am looking at how small businesses effect Utah. Since this turned out to be the best places for small businesses, it proves my point that there are many  "Mom and Pop" places that are vital to the community they reside it. There were also new tid bits of information that I tend to research more as time goes on.

"Utah Deemed 'Friendliest' for Small Business." The Enterprise 43.41 (2014): 1. ProQuest. Web. 16 Feb. 2016.

Utah deemed 'friendliest' for small business. (2014). The Enterprise, 43(41), 1. Retrieved from http://search.proquest.com.dist.lib.usu.edu/newsstand/docview/1551677595/7C91C5E31EB45EDPQ/1?accountid=14761

Five Years Later

This article is an overall summary of how states in our great country are recovering after the financial crash of 2008. By giving information about single states in relation the whole United States, we are able to see improvements and recovery easily. One example is that of the job market recovery. The Untied States is creating around 190,000 new jobs every month, giving people a chance to earn money again. Still in comparison, 11.5 million people do not have a job. This means that we are still on an uphill climb to being back where we should be. That being said, the key to recovery lies within the market that started it all. The housing market must recover before anything else can.

I related this to the history section of my research because I am looking at how vital small businesses are to the Utah economy. This article showed how the crash effected all types of markets including what I am researching. There are some really good statistics in relation to financial strain as well that I used in my most recent essay.

Reilly, Mollie. "Five Years After Financial Crisis, States Still Picking Up Pieces." The Huffington Post. TheHuffingtonPost.com, 24 Sept. 2013. Web. 16 Feb. 2016. <http://www.huffingtonpost.com/2013/09/04/financial-crisis-states_n_3865630.html>.

Reilly, M. (2013, September 24). Five Years After Financial Crisis, States Still Picking Up Pieces. Retrieved February 16, 2016, from http://www.huffingtonpost.com/2013/09/04/financial-crisis-states_n_3865630.html