Supporting Small Business Growth in North Carolina: The Role of SBTDC
Small businesses are the backbone of the American economy, providing employment to close to half of the nation’s private sector workforce and generating 44% of all economic activity, according to the US Small Business Administration (SBA). In North Carolina, the Small Business and Technology Development Center (SBTDC) plays a significant role in helping local businesses grow and create jobs. Since its establishment in 1984, SBTDC has been serving as the business and technology outreach service for the UNC system, operating 10 regional centers and 16 offices throughout the constituent campuses.
Providing Management Consulting and Educational Services
SBTDC provides management consulting and educational services to entrepreneurs, equipping them with the tools they need to build and grow successful businesses. Over the past decade, SBTDC has served 39,476 small and medium-sized businesses, including 525,525 hours of no-cost consulting services. As a result of this support, the organization has contributed to the creation of 27,292 jobs, $1.12 billion in capital formation, and the establishment of 1,393 startups in North Carolina.
Helping Local Businesses Optimize Their Growth Strategies
One of the companies that SBTDC has helped grow is Sciencix, a 27-employee firm based in the Research Triangle region. Sciencix manufactures high-performance liquid chromatography and mass spectrometry parts used in R&D laboratories, especially in the pharmaceutical industry, to measure the ingredients of medicine accurately. The company’s collaboration with SBTDC began when its Global Marketing Director, Lisa Bamford, was investigating potential business development opportunities. SBTDC has helped Sciencix optimize its marketing strategy to government agencies and prime contractors as potential clients.
Providing Advisory Services in Export Compliance, Market Research and Development
SBTDC provides consulting services in export compliance, market research and development, export training, cost and pricing analysis, and the development of a comprehensive international sales and marketing plan. The SBTDC then identified federal and state resources to support Sciencix’s export activities. Vaca introduced Sciencix to SBTDC’s advisory services during export compliance, developing a comprehensive international sales and marketing plan, and other support services.
Establishing Collaboration with NC State Jenkins MBA Students
In addition to workshops and one-on-one mentoring, SBTDC connects businesses with NC State Jenkins MBA students to collaborate on semester-long projects. The students act as industry consultants in performing extensive research, including market analysis on export opportunities. The students gain experience in real-world business problems, while the businesses benefit from data-driven market research.
Recognizing the Success of Local Businesses
According to Byron Hicks, SBTDC State Executive Director and North Carolina State Assistant Vice Chancellor, “For nearly 40 years, the SBTDC has had a positive impact on the North Carolina economy.” The SBTDC is proud of the success of Sciencix and has nominated the company for the SBA National Exporter of the Year, which Sciencix won in March 2023. The team was named during National Small Business Week in the Rose Garden, where President Joe Biden recognized the company’s achievement. SBTDC believes that support from the organization’s international business development team has been instrumental in helping Sciencix grow.
Summary
In conclusion, SBTDC’s support has been vital to the growth of local businesses in North Carolina. SBTDC provides management consulting, educational services, and advisory services in export compliance, market research and development, export training, cost and pricing analysis, and developing a comprehensive international sales and marketing plan. SBTDC has also established collaboration with NC State Jenkins MBA students, providing businesses with data-driven market research and students with real-world business problems. The success of local companies, such as Sciencix, is a testament to the positive impact of SBTDC’s services on the North Carolina economy.
Expanding Perspectives: How Small Businesses Can Thrive in a Highly Competitive Market
Small businesses face stiff competition in a highly saturated market. However, innovation, resilience, and targeted marketing strategies can help them to thrive. Here are some insights that can help small businesses succeed:
1. Leverage the Power of Social Media: Social media has transformed the way businesses operate, providing an ideal platform to reach out to a vast audience at a lower cost. By creating a vibrant online presence and engaging with the target audience, small businesses can position themselves strategically and grow their brand.
2. Focus on Customer Satisfaction: Customer satisfaction is critical in establishing a loyal customer base and generating positive referrals. Small businesses should invest in excellent customer service, quality products, and timely delivery to ensure that their customers remain satisfied.
3. Embrace Technology: Technology has revolutionized the business world, enabling streamlined operations and better risk management. Small businesses should leverage technology to optimize their processes, such as customer relationship management, invoicing, inventory management, and bookkeeping.
4. Develop Strategic Partnerships: Strategic partnerships can provide small businesses with the much-needed support to grow. Partnering with other businesses can create a win-win situation, as both parties can benefit by sharing resources and tapping into each other’s customer base.
5. Provide Value-Added Services: Small businesses can differentiate themselves by providing value-added services to their customers. Providing free consultations, tutorials, and after-sales service can create a lasting impression that sets them apart from their competitors.
In conclusion, small businesses can thrive in a highly competitive market by leveraging social media, focusing on customer satisfaction, embracing technology, developing strategic partnerships, and providing value-added services. By embracing innovation, resilience, and targeted marketing strategies, small businesses can carve out their niche and achieve success in the business world.
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Small businesses are a vital part of American innovation and competitiveness, employing close to half of the nation’s private sector workforce and generating 44% of all economic activity, according to the US Small Business Administration (SBA).
In North Carolina, the Small Business and Technology Development Center (SBTDC) helps businesses in the state grow and create jobs. Established in 1984 and headquartered in the State of North Carolina Bureau of Foreign Affairs, Partnerships and Economic Development, the SBTDC serves as the business and technology outreach service for the UNC System, operating 10 regional centers and 16 offices throughout the been housed on constituent campuses.
“For nearly 40 years, the SBTDC has had a positive impact on the North Carolina economy,” says Byron Hicks, SBTDC State Executive Director and North Carolina State Assistant Vice Chancellor. “Our team provides management consulting and educational services, equipping entrepreneurs with the tools they need to build and grow successful businesses.”
Over the past decade, the SBTDC has served 39,476 small and medium-sized businesses, including 525,525 hours of no-cost consulting services, resulting in the creation of 27,292 jobs, $1.12 billion in capital formation, and the creation of 1,393 startups in North Carolina.
Sciencix, a 27-employee company based in the Research Triangle region, manufactures parts for high-performance liquid chromatography and mass spectrometry, whose uses include drug testing, contamination analysis, and pesticide detection, among other applications. These high-end parts are used in R&D laboratories, especially in the pharmaceutical industry, for example, to accurately measure the ingredients of a medicine.
“When I was deciding on a location to open our headquarters, the Research Triangle was one of the best choices due to the strong and innovative business community and infrastructure,” says Sciencix President Raj Bhandari. “The support we have received from the SBTDC has helped Sciencix grow and really validated our decision to locate here.”
The support we have received from the SBTDC has helped Sciencix grow and really validated our decision to locate here.
The company’s collaboration with SBTDC began in 2021 when Global Marketing Director Lisa Bamford was investigating potential business development opportunities. SBTDC has helped Sciencix optimize its marketing strategy to government agencies and prime contractors as potential clients.
“The team has been invested in growing our business, providing us with valuable resources and constant guidance,” says Bamford. “Our dedicated SBTDC Business Advisor, Ginny Vaca, has been instrumental in helping us strengthen our international growth strategy.”
Vaca introduced Sciencix to SBTDC’s advisory services in export compliance, market research and development, export training, cost and pricing analysis, and in developing a comprehensive international sales and marketing plan. The SBTDC then identified federal and state resources to support its export activities.
“When we first connected with Sciencix, I recognized the opportunity to guide this innovative small company in developing a specific international strategy for growth,” reflects Vaca.
With the support of SBTDC, Sciencix secured $24,000 in SBA Statewide Business Expansion Program (STEP) grants. These funds offset the costs of attending international trade shows, meeting with distributors abroad, as well as the internationalization of the website.
“Sciencix was able to extend its reach to Europe, Southeast Asia and Latin America,” adds Vaca.
Vaca and SBTDC’s expertise drove Sciencix’s export sales from 10% in 2022 to 33% in 2023. Today, the company’s products support research laboratories in more than 100 countries, on all continents.
In March 2023, Sciencix was named SBA Exporter of the Year. The team was recognized during National Small Business Week, including a visit to the White House and the office of North Carolina Senator Thom Tillis, where they were honored with the award.
“The SBTDC is very proud of the success of Sciencix,” adds Hicks. “SBA Exporter of the Year recognition is the culmination of a commitment to grow their business in foreign markets, along with the support of our international business development team.”
Vaca nominated Sciencix for the award. She acknowledged the significant immigrant story of Bhandari, who came to the US from Nepal at the age of 19 carrying only his backpack. With very few resources, he worked his way up to a Ph.D. before becoming president of Sciencix.
“As a small, minority-owned company, we are up against larger competitors who have vast resources for their operations,” says Bhandari. “However, with the local support of the SBTDC, not only did we increase our revenue last year both nationally and internationally, but we also found ourselves at the White House being recognized by President Biden, Vice President Harris, and the Administrator of the SBA, Guzmán, as National Exporter. of the year.”
With the local support of the SBTDC, we not only increased our revenues last year both nationally and internationally, but we also found ourselves in the White House being recognized… as the National Exporter of the Year.
In addition to workshops and one-on-one mentoring, Vaca connected Sciencix with NC State Jenkins MBA students to collaborate on a semester-long project. Postgraduate students provided extensive research, including market analysis on export opportunities to the Eastern Mediterranean regions.
“Consulting with SBTDC clients, like Sciencix, gives our students the opportunity to apply what they’ve learned in the classroom to help address real-world business problems,” explains Erin Powell, Associate Professor at NC State’s Poole College of Management. .
The students gained experience acting as industry consultants, while Sciencix benefited from data-driven market research.
“Students are pushing themselves, often in new industries or functional areas,” adds Leigh Shamblin, Director of Leadership, Poole College of Management. “And the company receives high-quality support without high costs. It’s win-win.”
Hicks says that SBTDC will continue to provide impactful services to small businesses in North Carolina. “As we have for nearly four decades, we are proud to help build stronger businesses that contribute to the state’s economic growth.”
Bhandari emphasizes the impact. “The SBTDC is a great example of the collaborative spirit in our community that allows small businesses like ours to thrive.”
“It’s been a wonderful journey, and that’s why I love what I do,” says Vaca.
https://news.ncsu.edu/2023/06/boosting-north-carolinas-small-businesses/
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