The New York Times features Tolosa Press
This past spring, The New York Times launched How I Saved My Company to recognize small businesses that have survived near-death crises. Last week local community newspaper Tolosa Press was featured, and their story describing the challenges they faced and the steps they took to recover is in the spotlight! Click here to see the video.
Just how important is their survival to our economy? A 2009 study* found that small businesses:
• Represent 99.7% of all employer firms
• Employ just over half of all private sector employees
• Pay 44% of total U.S. private payroll
• Have generated 64% of net new jobs over the past 15 years
• Create more than half of the nonfarm private gross domestic product (GDP)
• Hire 40% of high tech workers (such as scientists, engineers, and computer programmers)
• Are 52% home-based and 2% franchises
• Produce 13 times more patents per employee than large patenting firms; these patents are twice as likely as large firm patents to be among the one percent most cited
If small businesses like the Tolosa Press are not sustainable, we are in for an economic shock greater than our current struggles. There are many ways to improve, adjust and streamline an organization, but sometimes the issues go unidentified until it becomes too late. Visit The New York Times: How I Saved My Company to see other success stories, and learn how similar small businesses overcame dire circumstances.
*Source: U.S. Dept. of Commerce, Bureau of the Census and International Trade Admin.; Advocacy-funded research by Kathryn Kobe, 2007 (www.sba.gov/advo/research/rs299tot.pdf) and CHI Research, 2003 (www.sba.gov/advo/research/rs225tot.pdf); U.S. Dept. of Labor, Bureau of Labor Statistics.