Small and Medium size business in the US

Driving The Economy: The Role Of Small And Medium Companies In The Us

Information is power. Do you have the power to know your people?

How to help them to develop, grow and tribe?

People stay with companies who see them, hear them, and understand them, and more importantly, build personal relationships on the important and urgent times of their lives.

Building business.

There are 4 factors any new or existing business needs in order to start, grow and succeed

Idea
Market
People
Training

Between now and 2027, 60% of workers will need retraining due to global transformation and macrotrends.

That’s one of many findings in the World Economic Forum’s 2023 Future of Jobs Report, which explores how skills and jobs will evolve over the next 5 years.

In this report we compile the latest numbers, statistics and analytics about small to medium businesses in the US.

Most small to medium businesses in the US don’t train their people
They don’t do internal evaluations
They don’t have an exit interview when an employee leaves to determine the “WHY”
Most founders are unclear on the areas to grow, invest or people to hire to achieve this
Most founders of business in the US don’t understand the need to have external consulting, move from the CEO position or turn it over to people more qualified to manage the company
When they implement new strategies, usually they don’t quantify the damage of not informing their people about the changes, implementation and the feedback about these steps. And, are they working?
Most new and existing businesses don’t know where to ask for help, or how to ask for help

DO YOU KNOW???

4% of small business owners are females.
7% of small business owners are immigrants.
Veterans own 6.1% of small businesses

General Data:

According to Forbes, 99.9% of businesses in the United States are small, accounting for 33.2 million small businesses.
Entrepreneurship is booming in the United States. According to the World Economic Forum, total U.S. Business applications doubled in 2020 compared to recent years. In 2021 alone, a record breaking 4 million new business applicationswere filed, and nearly as many 5.1 million were filed in 2022.
With 4.2 million small businesses, California has the maximum number of small businesses in the United States.
Only 25% of small businesses survive more than 15 years.
26% of small business owners plan to increase their staff in 2023/24.
63% of small businesses are profitable.
36% to 53% of small businesses are sued every year.
The cost to start a business of 27.3% of small businesses was $250 to $500k.
65% of small businesses are thinking about investing in Artificial Intelligence.
According to the U.S. Small Business Administration, more than 33 million small businesses exist in the United States as of 2023.
13% of small businesses took an SBA loan to finance their business.
There are 12 million lawsuits filed against small businesses every year.
More than 75% of small business owners are worried they will face a lawsuit.
Small businesses with 1 million in earnings have almost $20,000 in litigation

Survival rate

Cost of starting a small business in 2023

Number of small businesses by State

Business financing sources

Small business owners by age group

Ready to go to these markets?

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Ready to make a change- Book a discovery call with us.

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We specialize in High-performance Human Behavior training