As the CEO of Civitas Strategies, Gary Romano has personally advised over one thousand small businesses, shedding light on the often overlooked segment known as “forgotten businesses.” These enterprises, with 10 or fewer employees, play a crucial role in the economy, generating $8.9 trillion in payroll. However, they often struggle to access the resources needed for growth and sustainability, either receiving sporadic assistance or navigating entrepreneurship alone.
To address the needs of these forgotten businesses, Romano proposes a scalable support system that provides low or no-cost services while also reaching a large number of businesses. This system should include self-service tools, dosage-based resources, and a systematic approach to ensure that key aspects of business operations are not overlooked. By offering on-demand resources, technology, and personalized coaching, businesses can be empowered to succeed.
Romano recommends four levels of support to cater to the diverse needs of forgotten businesses. This includes on-demand tools, webinars facilitated by industry experts, group and one-on-one coaching sessions, and specialized individual sessions on HR, legal, and tax topics. By providing a mix of digital resources and personalized coaching, businesses can receive the guidance and support needed to thrive.
Through statewide initiatives and efforts in over thirty states, Romano has seen the impact of offering on-demand resources, technology, and personalized coaching to empower forgotten businesses. By leveraging technology, expert knowledge, and personalized coaching, these businesses can improve their resiliency and contribute to the prosperity of millions of families.
The goal is to provide crucial support to 11 million small businesses that often struggle to access resources and guidance for growth and sustainability. By offering a structured support system that addresses their specific needs, these forgotten businesses can thrive and contribute to the economy. With the right combination of resources and coaching, these businesses can overcome challenges and find success in the competitive business landscape.
