More than 500 small business owners, Florida SBDC consultants and small business resource providers gathered at the Grand Hyatt Tampa Bay last week for the sold-out Small Business Success Summit. There, experts – including consultants representing Florida SBDC at FIU – shared valuable information to help small business owners take their company to the next level, and there was plenty of networking time to learn from one another.
“Each year, the event grows not only in size but in the depth of knowledge and collaboration. Our goal is for every attendee to leave with tools, insights, and relationships that make a real impact,” said Greg Britton, state director of the Florida SBDC Network.
Officials and leaders who spoke at the conference to underscore the vital role small businesses play in Florida included U.S. Senator Ashley Moody, U.S. SBA Regional Administrator Tyler Teresa, U.S. SBA Regional Advocate Michael Vallante, Florida Department of Commerce Secretary J. Alex Kelly, Florida Department of Business & Professional Regulation Secretary Melanie Griffin, and Dr. Jerry Parrish, Chief Economist for the Metro Atlanta Chamber.
The two-day conference also featured keynote talks by Erik Qualman, a five-time international bestselling author and global speaker, and Jess Ekstrom, a bestselling author and founder of Headbands of Hope. During the two-day summit, attendees could participate in two dozen breakout sessions on such topics as buying a business, success in government contracting, cybersecurity resilience, export resources, building a brand and more. Additionally, the event included a Reverse Trade Show with more than 200 participants, including representatives from 22 government agencies, innovation hubs, and prime contractors.
Florida SBDC at FIU, the small business development center within the university’s College of Business, was well represented on the stages and in the networking halls.
Florida SBDC at FIU’s consultants Jesus Padilla and Michelle Caba joined Angela R. Walton of Verizon and Malury Imbernon, owner of Heiga Creative, for a panel discussion [pictured above] to discuss the Verizon Small Business Digital Ready Program, an educational platform that has already supported over 550,000 small businesses nationwide with free courses and grant opportunities. Imbernon of Heiga, a production studio business in the Miami area, shared that participating in the Digital Ready program and working with SBDC at FIU helps keep her business on track. “Consultants push you and that’s what helps you grow.” Imbernon should know – her business grew 300%.
READ MORE: Verizon Expands Small Business Digital Program in Miami with Help from Florida SBDC at FIU
Florida SBDC at FIU consultants Bonnie Barnes and Roslyn Rice led breakout sessions. Barnes [pictured above], a consultant in the Florida Keys and specializes in financial growth, AI and business/marketing plans, shared a process for continuous improvement that can be “a gamechanger for small businesses.” The good news is most processes can be streamlined and automated with technology out there today, she said. Companies using automation see 40% to 60% in time savings and a 30% increase in throughput using automated processes, including AI, according to case studies.
She explained various methods small businesses can employ such as the Kaizen method for continuous improvement and the PDCA Cycle – that’s plan, do, check, act. These are frameworks to iteratively refine operations and eliminate bottlenecks.
“Let’s identify gaps and streamline processes to boost speed, reduce errors, and increase profits,” she said. That starts with improving one process at a time. “Challenge yourself to do one thing that will result in continuous process improvement.” she said, “You will see a very impressive result in your bottom lines. Once small change can make a big impact.”
A focus on continuous improvement can include workflow mapping, automation, and collaboration, including regular tracking and building a feedback loop. “Track what matters and improve what counts,” she said. She also suggested small businesses in the room seek out guidance from their local small business development center. “I love helping people do better.”
Rice [pictured above], with expertise in strategic planning, omni channel sales strategies, and merchandising, gave a breakout session on supply chain management, reminding the audience that 90% of businesses owners experience supply chain delays and 60% of revenue losses are due to supply chain delays. What’s more, 70% of executives are juggling at least six competing supply chain priorities at any one time, she said.
She also reminded the audience that the true cost of a supplier is much more than the contractual agreement. “Lowest price quotes are almost never the lowest total cost,” she said. And making the right choice is important, not only because of the costs of delays to your business but also because they can take an emotional and physical told on you, the business owners, she said. “Suppliers are an extension of our business.”
Her talk included ways to research suppliers before contracting with them – don’t scrimp on this step, she advised. Rice recommended to evaluate 10-15 suppliers and be sure to consider whether they can scale with your business. The evaluation may take a couple of months or more, and she offered a method of scoring the candidates in financial health (25% weighting), quality and compliance (25%), delivery and performance (20%), Cost competitiveness (15%), and communication and service (15%).
Diversify your suppliers, particularly mission critical suppliers, she said. Perform supplier audits regularly. What’s more, she said, “supplier management is relationship management” – providing regular feedback is critical.
In addition to dozens of breakout sessions by consultants at SBDCs around the state, the summit featured inspiring keynote speakers.
“The future favors the most adaptable – firm in your vision, adaptable in how you get there,” said Qualman, who launched and grew two businesses in Florida. And don’t worry that you aren’t perfect, he said. “Evaluating failure makes you better.”
A key to success is learning how to single-task, not multitask, Qualman said, adding that he is still working on his own advice. Also, leadership involves knowing your strength and going deep on your strength every day. “Go big, not busy,” he said, “and you have to take a step into uncertainty.”
Ekstrom [pictured below], a social entrepreneur, shared her journey and insights on motivation, and the significance of autonomy, connectiveness and competence in maintaining motivation. “The best ideas come from an itch. The best solutions come from a scratch.”
She shared her story building Headbands of Hope, which has donated millions of headbands to children’s hospitals globally, and encouraged entrepreneurs to focus on their purpose and the human connection in their businesses. “There’s not going to be one person, one experience, one reward that is going to be the reason for your success – only you.”
