Combating Inflation: How this Unique Federally-Funded Program Equips Small Businesses for Economic Resilience
Small business owners are urged to apply for the SBA's T.H.R.I.V.E. Emerging Leaders Reimagined program before the deadline
WASHINGTON, March 12, 2024 /PRNewswire/ -- In the face of rising inflation, small businesses across the United States are finding it increasingly challenging to maintain profitability and growth. The U.S. Small Business Administration (SBA) recognizes these challenges and offers a lifeline through its free executive-level training program, T.H.R.I.V.E. Emerging Leaders Reimagined, designed to empower small business owners with strategies to navigate and overcome economic pressures.
Inflation's Impact on Small Businesses
Interested small business owners can learn more and apply online at www.sbathrive.com.
(PRNewsfoto/Isom Global Strategies)
60% of small business owners are concerned about the financial health of their business due to inflation, with 47% experiencing decreased profit margins (Business.org).
High inflation rates have led to increased costs for supplies and services necessary to run businesses, with 92% of small-business owners reporting such increases (Business.org).
The U.S. Census Bureau has tracked the impact of inflation on small businesses, noting that at the start of their survey, 62.8% of businesses reported increased prices (Census.gov).
T.H.R.I.V.E. Emerging Leaders Alumni Survey¹ Findings
Adaptation Strategies: Alumni reported gaining insights into innovative strategies that helped buffer their businesses against inflationary pressures, demonstrating the program's role in fostering adaptability.
Financial Management: The importance of robust financial planning was a recurrent theme, with participants appreciating the focus on strategic financial management to mitigate the impact of rising costs.
Peer Networking: The value of peer support and networking emerged prominently, with many participants leveraging connections made during the program to share strategies and solutions for managing challenges.
With an overwhelming 92% of program participants² acknowledging that they learned something new from the module topics, it's evident that the program delivers actionable knowledge and skills critical for economic resilience.
T.H.R.I.V.E. Emerging Leaders Reimagined Program's Role
T.H.R.I.V.E. stands for Train, Hope, Rise, Innovate, Venture, Elevate. Over six months from late June 2024 to December 2024, participants will engage in an interactive online curriculum with in-person sessions, receive coaching from experienced business experts, and develop a three-year strategic growth plan.
The T.H.R.I.V.E. program stands as a crucial resource for small businesses seeking not only to survive but to thrive.
Comprehensive Training: Participants gain the tools to navigate economic uncertainties confidently through a curriculum that includes critical areas such as financial management, strategic planning, and operational efficiency.
Expert Mentorship: Access to seasoned professionals and industry experts who provide guidance tailored to navigating challenges.
Collaborative Network: An ecosystem of fellow business owners and alumni that fosters collaboration and shared problem-solving.
Since its inception this initiative has trained nearly 9,000 small business owners, creating over 11,000 jobs, generating nearly $1 billion in new financing, and securing over $4 billion in government contracts.
The overwhelming positive feedback from participants underscores the program's success in fostering growth and resilience among small businesses. "The coaching sessions, SME calls, and peer-to-peer in-person have all been great resources for our business. I came into T.H.R.I.V.E. thinking I need to see where we could improve some areas of our company, I will be finishing the program with an expanded growth plan that will take us to another level. To say I am excited would be an understatement! I not only see what we need to start doing, there is also a list of things we need to stop. I am truly thankful for all the time and resources that have been put into this course!"
— T. W., Birmingham, AL Cohort AlumAs the economic landscape evolves, the T.H.R.I.V.E. Program remains committed to equipping entrepreneurs with the insights and strategies to thrive.
Interested applicants can learn more and apply online at www.sbathrive.com. The program will commence on June 18, 2024. Applications will be accepted through April 28, 2024. More information is available at T.H.R.I.V.E. Emerging Leaders Reimagined, and local SBA District Offices.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.
Please visit www.sba.gov to learn more, or follow us on X, LinkedIn & InstagramAbout Isom Global Strategies
Isom Global Strategies (IGS) is a full-service marketing and program management agency, founded in 1996. IGS proudly takes the lead in rolling out and administering T.H.R.I.V.E. Emerging Leaders Reimagined programming with a focus on tailored entrepreneurial education. IGS is a woman-owned, SBA-certified small business with over 25 years of experience in government contracting, program management, public education, conference planning, strategic communications, and management consulting.
Please visit www.isomglobal.com to learn more, or follow us on LinkedIn & Instagram.¹ Source: Isom Global Strategies, SBA Emerging Leaders Alumni Survey 2022
² Source: Isom Global Strategies, T.H.R.I.V.E. Program Participant Survey 2023SOURCE Isom Global Strategies
