The President and Congress are struggling to find ways to reduce the large number of unemployed workers, especially among African-Americans, and to a lesser extent, Latinos. The solution is easy – provide greater support to minority businesses.
To sustain US employment growth more attention must be given to minority-owned businesses. The government’s small business policies must put more attention on minority businesses.
Scaling has become the new mandate for minority-owned businesses. While minority companies have grown significantly in number, too few have the scale and capacity needed in today’s global economy.
The Small Business Administration Director is elevated to the President’s Cabinet , this is good news for Small and Minority Businesses.
The Gazelle Index survey shows that hiring will increase in 2012; 27% of small businesses will increase hiring and 14% will cut. We forecast a 7.8% or lower unemployment rate.
The major objective for most small businesses is to improve business-to-business sales. Increasing on-line sales is not as important, however government sales are very important to blacks and Hispanics.
The Paryoll Tax Extension bill finally passed Congress, but the arguing among Republicans and Democrats is hurting small business confidence–63% said it is making them more pessimistic.
According to the Gazelle Index, more than twice as many small businesses plan to hire workers than to lay off workers over the next three months. This is true for businesses owned by blacks, whites, men and women–but not for Hispanic/Latinos.
The Gazelle Index is a national survey of small businesses owned by whites, blacks, Hispanics, men and women. Small business hiring will increase in 2012 in all regions except the West and for all groups except Hispanics.