Episode 4: The struggle for sustainability
Small businesses employ almost half of the U.S. workforce, and their sustainability is a critical factor in the U.S. economy. Top experts discuss the rigid business plans, aggressive growth goals, struggle for capital, and other obstacles that often threaten small businesses’ survival.
In this special five-part series on small business challenges and insights, Wells Fargo brings together a panel of experts to discuss the common obstacles most small business owners encounter.
For many of the more than 30 million U.S. small businesses, access to capital is a major concern. Whether it comes from banks, investors, personal credit, or another avenue, there is no one right solution for accessing capital or credit. Top experts discuss the pros and cons of each, as well as other factors entrepreneurs should consider.
It’s easy for startups to grow themselves out of business, experts caution. Small business owners would be wise to develop their growth strategy at the onset, and brace for changes along the way. Top experts discuss the pitfalls of growth for small businesses.
It’s not enough for entrepreneurs to have a strong business plan, targeted advertising, and an identified need. Cultivating strategic relationships can be essential for survival. Top experts discuss the importance of connecting with local chambers of commerce, interest groups, and fellow small business owners.
Is technology a small business friend or foe? Small businesses are experiencing rapid growth, thanks to technology, but they are also at greater risk for a rapid decline in business, thanks to hacking. Top experts discuss serving tech-savvy customers while maintaining cybersecurity.