Small businesses in Central and Upstate New York are being recognized for their achievements during National Small Business Week. The Small Business Development Center at Onondaga Community College has named eight small businesses of the year, one in each county it serves. Among these honorees are Clean and Glo Cleaning Services in Syracuse and Broadwell Hospitality Group in Oswego County. According to SBDC regional director Bob Griffin, the key to success for small businesses varies depending on the industry and market.
Griffin emphasizes the importance of following business fundamentals, understanding cash flow, and providing the right product and service in the right location to the right consumers at the right time. Without these essential components, data shows that businesses may struggle regardless of the owner’s efforts. The SBDC office serves around 2,000 clients annually, with 80 percent being start-ups in their first one to three years of operation. Unfortunately, Griffin notes that 95 percent of these businesses will not succeed.
While this statistic may seem discouraging, Griffin believes that sometimes not launching a business is the best decision. 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 to not move forward in order to prevent financial loss and personal hardships. 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 honorees include a diverse group of businesses from various industries and counties across the region