A roadmap for small businesses to address the gaps in financial access, the development of the workforce, market competition and technological innovation is part of a new University of Hawaii Economic Research Organization (Uhero) report. Financed by the city’s economic revitalization office and Honolulu County, the report highlights the challenges facing small businesses and objective support opportunities.
Key findings
The best needs of small businesses
- Support for marketing and sales (49%), financial resources (44 and) and human resources (35%).
- Minority -owned companies reported a significant need for financial resources and network opportunities.
Challenges in the development of the workforce
- More than 38%of companies reported difficulties in acquiring employees, citing the lack of qualified candidates (62%) and budgetary restrictions (39%).
- Retention problems also highlighted, including insufficient benefits and limited opportunities for professional development.
Barriers for access to market
- Almost 29% of respondents cited challenges that access new customers, with digital marketing and online presence that need urgent attention.
Access to financing
- While 53% reported good or excellent access to financing, 29.90% faced barriers, including high interest rates (42%) and complex procedures (29%). The minority and younger business owners were disproportionately affected.
Networks and collaboration
- More than half of the respondents (52%) emphasized the importance of the networks, but the geographical and time limitations hindered many.
Recommendations
Report recommendations include:
- Improved financial assistance for minority and young business owners.
- Centralized Network Opportunities through local mixers and specific events in the industry.
- Improved access to digital marketing and electronic trade training.
- Development initiatives of the workforce, which include training in technical skills and leadership programs.
- Implementation of the best practices of other cities, such as business incubators and innovation centers.
“Small businesses are the backbone of Honolulu’s economy, but they face significant obstacles to access critical resources,” said Ruben Juárez, said, Uhero–HMSA Distinguished professor and main author of the report. “Our findings offer clear and processable recommendations to promote growth and resilience in this vital sector.”
A combination of a large -scale survey with 1,024 respondents and in -depth discussions of interviews with 11 small companies provided an integral vision of the small businesses.
Visit UheroWebsite for the entire report.
Uhero It is housed in Oh College of Social Sciences of Mānoa.