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News & Press: Arizona Business News Updates

Minority Owned Small Biz is Driving Force for Job Growth Plus Top Stories

Tuesday, May 13, 2014   (0 Comments)
Posted by: Arizona Small Business Association
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AZ Expecting ‘Slow But Steady’ Economic Growth

A panel of Arizona State University economists speaking at the annual economic outlook luncheon at the Arizona Biltmore said the state is expecting "slow but steady" economic growth for the rest of 2014 as well as 2015. Prof. Lee McPheters, director of the JPMorgan Chase Economic Outlook Center within ASU's WP Carey School of Business, noted that job growth in Arizona has been well below the national average since the Great Recession.  According to the US Bureau of Labor Statistics, "the national economy has now recovered 99 percent of lost jobs, while Arizona has regained just over 50 percent," he said. 


Minority Owned Small Biz is Driving Force for Job Growth
Speaking of job growth…according to recent data one of the biggest drivers of job creation are minority owned small businesses. Minority businesses make up almost 15 percent of the 28 million small businesses and employ 5.9 million workers in the United States. Business ownership among minorities has been on the rise in recent years. Between 2002 and 2007, minority-owned businesses increased 46 percent, while nonminority-owned businesses grew 10 percent during that same period, according to Minority Business Development Agency.


Amplify Your Message with Social Media
Not all companies are big enough to have a full-time marketing staff. If you’re a small biz owner whether B2B or B2C, chances are email and social media marketing duties might fall to you. This may seem like a huge undertaking, Infusionsoft social media expert, Michael Hunter, says to think of social media as an amplifier.


"A lot of business owners are stuck in the ‘knowledge is power’ mentality. They hold what they know close to their chest. When in reality they should be sharing that information with the world and using social media to amplify that to specific audiences.” – Michael Hunter, Infusionsoft



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