University of Hawaii Manoa
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(Photo Credit: Tim Mossholder/UNSPLASH)
The Hawaii University Economic Research Institute (Uhero) released a comprehensive report on the success of small and medium -sized enterprises in Honolulu on February 3. This report offers important insights on the challenges facing the owners of SMEs and the opportunity for target support. We will provide a roadmap to deal with the gaps of financial access, labor development, market competition, and technological innovation gaps after receiving funds from the Honolulu City Economic Revitalization Bureau.
“This report clearly identifies the areas where support is urgently needed while shining light on our small and medium -sized businesses,” said Mayor Rick Brang Aldi. “Nearly 30 % of companies facing economic barriers are struggling to find qualified employees, so the city has programs and partnerships provided to business, which is the driving force of economic and way of life. “
Important survey results
In tops mall businesses, marketing and sales (49 %), financial resources (44 %), and human resources (35 %) have appeared as the most important field of support. Companies owned by minorities have reported that the need for financial resources and networking opportunities is very high. 38 % or more issues in labor development companies have reported difficulty in acquiring a qualified candidate (62 %) and a budget restriction (39 %) as an important barrier. 。 The problem of retention, including lack of benefits and limited career development, was also emphasized. Respondents’ nearly 29 % of access has quoted issues in access to new customers, which have been identified as a field that requires urgent caution. Access to the funding is that 53 % reports good or excellent access to financing, and 29.90 % faces barriers, including high interest rates (42 %) and complex procedures (29 %). A small number and young business owners were affected by disproportionate. More than half of the respondents (52 %) emphasized the importance of networking and collaboration, but geographical and time constraints have hindered connections.
“Small and medium-sized enterprises are Honolulu’s economic backbone, but they face important hurdles in important resources,” said Uhero-Hmsa, a prominent professor in the report, Luven Juares. I mentioned. “Our survey results provide clear and practical recommendations to promote this important sector growth and resilience.”
Recommendation
The report gives an overview of the following important recommendations:
Strengthening financial support for minority and young business owners. Opportunities for intensive networking through local mixers and industry -specific events. Improving access to digital marketing and e -commercial training. Labor development initiative, including technical skill training and leadership program. Implementing best practices from other cities, such as business incubators and innovation hubs.
Olin Lagon, chairman of the Economic Revitalization Committee, emphasized the importance of the survey. This report will invest in small and medium -sized enterprises based on the basis of the government, the private sector, and the community, and eventually the confidence to build our local economy. “
Complete reports are available on the UHERO website. Business owners and stakeholders are encouraged to learn about future programs, subsidies, loans, and other opportunities based on these surveys, engaged in OER through the Oahu Business Connector website, and learn about future programs, subsidies, loans, and other opportunities based on these surveys. 。
UHERO is housed in UHMānoa’s Social Science University.
