During National Small Business Week, small businesses in Central and Upstate New York are recognized for their achievements. The Small Business Development Center at Onondaga Community College honored eight Small Businesses of the Year, one in each of the counties it serves. Among the winners were Clean and Glo Cleaning Services in Syracuse and Broadwell Hospitality Group in Oswega County. According to SBDC Regional Director Bob Griffin, success for small businesses varies by industry and market.
Griffin emphasizes the importance of understanding business fundamentals, cash flow, product and service offerings, location, target market, and timing. Without these essential components, data shows that businesses can struggle regardless of the owner’s efforts. The SBDC office serves about 2,000 clients a year, 80 percent of whom are first-timers in their first to three years of operation. Unfortunately, Griffin notes that 95 percent of these businesses will fail.
Although the statistics may seem discouraging, Griffin believes that sometimes the best decision is not to start a business. As advisors, their role is to provide information so that entrepreneurs can make informed decisions about the viability of their business. Sometimes the best answer is not to move forward to prevent financial loss and personal hardship. The Small Business Administration will announce the Upstate New York Veteran-Owned Small Business of the Year on Friday.
The 2024 Small Business of the Year Award winners include a diverse group of businesses from different industries and counties across the region. Each company has demonstrated resilience, innovation