Small businesses are back in the hiring game, and credit unions can help them drive forward faster.
Long-term success is built on the little things. If the details of a project or team or company aren’t in line, then its chances for prosperity shrink. The same thinking applies to the nation’s recovering economy.
An article on CNNMoney summarizes a recent report from payroll company Automatic Data Processing on the health of the job market. Statistics from the report show the importance of the cornerstone of the economy: small business hiring.
- Private-sector businesses added 93,000 jobs last month.
- Small businesses (those with fewer than 50 employees) accounted for 58% (54,000 jobs) of the hiring.
- 49,000 of the 54,000 jobs (91%) were in the service-providing industries.
One positive month can’t erase the effects of the recession. According to the article, small businesses dropped nearly 3 million jobs from Feb. 2008 to Feb. 2010.
Credit unions are trying though. Third quarter data showed member business loan balances at credit unions up 9.1% year-over-year.
Think about your member business lending portfolio. Is it as strong as it could be? How do you engage the small business community? What marketing collateral supports the portfolio, and how is the material performing?
Credit unions can drive local economies forward with a continued focus on the details that fuel economic growth. That's where sustained success starts.