Entrepreneurship FORUM Recap: The Future of Small Business

“What we’re focused on trying to bring to these small businesses is individual expertise…we’re bringing individual expertise as a model, instead of training them to do all the things.” -Michael A. Finney, President, and CEO of the Beacon Council

On April 29th, FORUM hosted the second installment of our Entrepreneurship FORUM series. Last week’s webinar featured Michael Finney President, CEO of the Miami-Dade Beacon Council, and Abby Melone, CEO of Capital Analytics.  In this Entrepreneurship FORUM, Finney and Melone discussed the importance of small businesses in Miami and how to create an environment that supports them. In their conversation, Finney and Melone focused on the current state of small businesses, the initiatives businesses need to make an impact, and the future of business moving forward.

Over the last two decades, small businesses have struggled to keep up with large department stores and the rapid growth of eCommerce. The Pandemic put more pressure on small businesses with unexpected closures and rapid change in product demand. However, small businesses still remain a fundamental aspect of the U.S. economy. They help build the identity of the neighborhoods they operate in. Startups and small businesses need support because, in the end, they will help end an economic recession.

Small businesses can easily succeed in the post-pandemic economy, with focused initiatives and the right access to support. The Beacon Council has championed the efforts in bringing support to Miami Dade’s small business community. As Michael Finney discussed, the Beacon Council has recently focused on bringing small businesses individualized assistance in key areas. Finney shared how experts from the Beacon Council regularly meet with entrepreneurs and connect entrepreneurs to accountants, marketing firms, IT firms, and other consultants needed to help them get started. Efforts such as these focus on setting entrepreneurs with individual expertise, rather than general knowledge. According to Finney, strength in specific areas of business will help entrepreneurs out in the long term. 

The future for small businesses depends on how quickly they can adapt. Abby Melone explained how the Pandemic proved to be the great disruptor, that caused all aspects of business operations to shift. Transitionsitioning into the full integration of digital technology has been the obvious necessity for small businesses during these times, however, securing capital has shown to be another pressing factor. As more venture capital firms move down to Miami, Melone highly recommends that entrepreneurs take full advantage of this to seek funding. Businesses cannot rely on the PPP program alone to survive. Venture capital firms provide entrepreneurs and investors with key relationships needed for expansion. Entrepreneurs should also seek opportunities within the growing technology sectors specifically in healthcare and finance, here in Miami. Entrepreneurs should look to local business support endeavors such as the Beacon Council and Capital Analytics to find opportunities to push their business forward.

Watch The Webinar!

For those that joined our last Entrepreneurship FORUM webinar, we thank you and hope you enjoyed connecting as much as we did. If you missed the event click HERE to watch.

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