Are you a small business owner or aspire to be one?

Knowing the small business landscape can prove quite beneficial as you currently run a business or think of diving into the field.

According to the Small Business Administration (SBA), there were 33.2 million small businesses nationwide as of 2022. SBA labels a small business as being a company with less than 500 workers.

Among the popular reasons for one starting a small business include being your own boss, having a flexible schedule and doing something outside of corporate America that you truly enjoy.

That said, running a small business in the San Diego area has proven a challenge for some, especially in recent years.

The COVID pandemic, high costs to do business locally and more have put some out of business in recent times.

That said, one local business leader is working to provide insight to those currently running area small businesses and those with dreams of starting one.

Mission Times Courier recently chatted with Yigal Adato, founder of Leaderato (leaderato.com), a Mission Valley-based company geared towards helping small business owners achieve success. Unlock the Leader is one of his programs under the Leaderato umbrella.

MTC: What is the current small business industry like in the U.S.? Are we seeing small businesses in general doing well nationwide, struggling, holding their own?

Adato: In today’s ever-changing business landscape, the stark contrast between those embracing leadership and marketing investment and those adhering to traditional practices is becoming increasingly evident. While innovative businesses are thriving and experiencing remarkable success, old-school establishments are grappling with declining clients and diminishing fortunes. The critical differentiating factor lies in the ability to adapt, innovate and invest in leadership and marketing strategies that resonate with the evolving market dynamics, paving the way for sustainable growth and client satisfaction.

MTC: For someone thinking of starting up a small business, what are some industries that would be ones to consider going into?

Adato: Starting a small business and thriving in today’s economy requires to key ingredients. First, you need genuine passion for your product or service, allowing you to connect with clients and drive innovation. Second, having strong business skills is essential; many business owners struggle with metrics and marketing. Understanding your metrics helps assess performance and make informed decisions, while effective marketing attracts customers and gives a competitive edge. To bridge knowledge gaps, dive into books or take courses on building a successful business. Combining passion with business acumen sets the foundation for long-term success in entrepreneurship.

MTC: How big of an impact did COVID-19 have on the small business industry in general over the last few years?

Adato: The COVID-19 pandemic acted as a powerful magnifier, showcasing the stark differences in how businesses were managed. It served as a litmus test, amplifying both the shortcomings and strengths of enterprises. While some businesses succumbed to the challenges and could not weather the storm, others demonstrated remarkable resilience by swiftly pivoting their strategies, ultimately generating substantial wealth even in the midst of the pandemic. The crisis underscored the importance of adaptability and effective management, proving to be a defining moment for businesses worldwide.

MTC: For small business owners nationwide, what might the outlook be for 2024?

Adato: In the coming years, several businesses are poised for remarkable success. Their secret lies in a crystal-clear mission and a well-defined roadmap, empowering them to take confident steps forward and capitalize on emerging opportunities. With a strategic focus and a commitment to continuous improvement, they are primed to achieve their best years yet. Those who are not taking these measures will see a decline in profits and customers.

MTC: On a local level, how is the small business climate in San Diego and can we expect any notable changes over the second half of this year?

Adato: As I go out with my family in San Diego, I can’t help but notice the hustle and bustle of people shopping, spending their hard-earned cash and enjoying local establishments. It’s been incredible working with new brick-and-mortar businesses that are soaring high and witnessing rapid growth in small service companies. However, it’s important to acknowledge that not all interactions are smooth sailing. The real game-changer lies in providing exceptional service that leaves customers awestruck, prompting them to spread the word and recommended these fantastic businesses to their friends. In today’s world, outstanding service is the golden ticket to thriving customer relationships and the key to unlocking success.

MTC: What does it take to be a good small business owner?

Adato: Being a successful small business owner boils down to three essential elements. First, you need to have a crystal-clear understanding of your product or service and know exactly who your customers are. This clarity sets the foundation for effective targeting and tailoring your offerings to meet their needs. Second, you must embrace courage and be willing to make changes and take calculated risks. This flexibility allows you to adapt to evolving market demands and seize new opportunities. Lastly, a strong commitment to continuous learning and honing your craft is crucial. By constantly improving your skills and staying up-to-date with industry trends, you can ensure that your business remains competitive and relevant. These three ingredients form the recipe for a thriving small business that can make a lasting impact in the market.

MTC: How do you hire the right people if you need employees?

Adato: The best way to find the right people is to have your mission, vision and values clearly stated so that those looking to work for your company know what to expect and that there is clarity on what they can expect. This builds a solid culture which makes the environment great to work in. People don’t just want to make more money. They want to make money with a smile on their faces.

MTC: How can you best promote one’s brand?

Adato: If you want to boost your brand’s visibility, it all starts with understanding your target audience – the people you’re here to serve. Get to know your clients inside out: their preferences, shopping behaviors and what goes through their minds when they search for your product or service. Armed with this knowledge, you can then discover where they hang out on social media platforms and establish genuine connections through a mix of organic and paid marketing strategies. By speaking directly to your avatar and meeting them where they are, you can build a strong brand presence and foster meaningful engagement with your audience.

Top photo credit: Pixabay.com