Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
One of the themes of the Minnesota 2030 report released by the Minnesota Chamber Foundation in early 2021 was that technology is dramatically reshaping how businesses operate and the skills that employees need in the workforce.
Following that release, and because most available data was more national in nature, Chamber staff wanted to look more closely at the local small business sector to see how it was collectively recovering from the COVID-19 pandemic and how those companies were utilizing digital tools as part of their survival and recovery, says Sean O’Neil, director of economic research.
“We recognize that the recovery of our small business sector is really critical to the recovery of our overall economy,” he says.
As it turns out, small businesses that were utilizing technology are faring much better than those that aren’t, according to the recently released “How Do Minnesota Businesses Leverage Digital Technology” study.
O’Neil joined Editor Andrew Tellijohn to share some findings and to discuss the Chamber’s efforts to help small businesses find ways to improve technology utilization. The conversation has been edited for space:
Tellijohn: What were a couple of big takeaways for you from the study?
O’Neil: As you look at some of the literature on how the pandemic shifted digital technology use, you kind of get this picture of this rapid acceleration across the board, especially in areas like artificial intelligence, automation and other advanced technologies.
When you drill down to small and medium sized businesses, it’s true to an extent. And for those companies, that was critical to helping them survive the pandemic. But when we asked small businesses what technology tools they were using it wasn’t necessarily more advanced technologies like AI and automation. It was more investing in some basic technologies, utilizing digital marketing, and digital tools to reach new customers and to drive sales. A picture we got through the survey is for small companies, there’s kind of an acceleration of technology, but it’s also maybe more incremental and pragmatic than what you get looking at larger companies.
Also, when we asked about barriers to adopting digital tools, we expected cost and access to capital would be toward the top. It can be a factor, but it seemed less so than just not knowing, not having enough information to understand the landscape, to understand what their options are and what tools will really have a return on investment, and then having the skillsets and capabilities within the company to utilize those technologies.
Tellijohn: What is the Chamber doing to help small businesses have better access to that higher-end technology?
O’Neil: We break out in the report recommendations that businesses can apply within their own companies, recommendations for support organizations and some policy ideas, as well.
Often, businesses just don’t know what resources are out there. The Chamber also is trying to make it easier to identify those kinds of free and low-cost resources that already exist. You can access a list of digital tech suppliers (https://www.mnchamber.com/your-opportunity/mn-supplier-match), all of whom have local connections and other statewide resources with free or low-cost information. https://www.mnchamber.com/economic-development-resources#Digital%20Technology
We just want it to be easier to know who’s right in your own backyard that can help with those kinds of projects.
Tellijohn: How can people learn more about the study?
O’Neil: The report is on our website. (https://bit.ly/3wfqmTk) We also have a webinar coming up Dec. 8 (https://bit.ly/3EJt0DP) where we’ll discuss the findings.
Sean O’Neil is director of economic research at the Minnesota Chamber of Commerce: 651.292.4650; gr***********@*******er.com; www.mnchamber.com.
The use of fractional executives — those hired by companies on contract to work a fraction of the hours at less cost than full-time hires — has been on the rise for years. That accelerated during the COVID-19 pandemic. John Arms, co-founder of Voyageur U, helped establish the organization to help educate free agents on what it takes to make it as a fractional executive. He’s now put that knowledge into print, recently releasing the book “Consult Your Way to a Full-Time Job.” Arms joined Upsize Minnesota Editor Andrew Tellijohn to talk about how the book can help potential fractional executives carve their new paths.
Branding expert Kate DiLeo wrote a book about how branding agencies need to do less storytelling and more listening to better meet their clients’ needs.
