Chicago small businesses poised for growth?

Residents of Chicago are likely aware of what a difficult economy means to their household budget. Over the course of the past few years people have held off on taking vacations or making larger purchases due to the state of the nation's economy. Businesses of all sizes took similar measures to try to keep from going under. For small businesses that made it through the last few years, there may be a light at the end of the tunnel. A recent report determined that businesses of this size have shifted gears from trying to stay afloat to growing.

A recent study conducted by Intel and Dell that surveyed small businesses in communities throughout the nation, including Chicago, looked into things that could serve as roadblocks for these businesses as they look to expand. The 941 businesses that took part indicated the following three issues are at the top of the list.

The first is issues with securing the talent necessary for a business to thrive. This is particularly difficult in fields involving technology and science. The pool of qualified applicants for jobs in these fields is very small compared to the demand. Next, small businesses need to be able to implement efficiencies that are available via new technologies. Tapping into these technologies may make it possible for a small business to compete with larger businesses accessing the same market.

The last issue is likely not a new one for most small businesses--securing the capital needed to effectively expand. It can be difficult for businesses of all sizes in the current economy to secure loans from banks. Without the funding to hire the necessary talent and technology needed for a business to thrive, it cannot grow.

Small business owners who are dealing with these matters would likely benefit from working with a lawyer who routinely handles these types of business needs.

Source: Fox Business, "Small Businesses Shift Into Growth Gear," Chad Brooks, May 15, 2013

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