Commentary by Rick Murray, CEO, Small Business Association
Economic development is a word we hear a lot. Everything we do here at the ASBA - Arizona Small Business Association has an impact on economic development for Arizona, directly or indirectly. Economic Development is about creating new business opportunities and thus creating jobs. It shapes what we do on a daily basis.
It's no secret that Arizona has had a tough road to recovery. The recession took a huge financial toll that created a more cautious type of investor and business owner. While many states are exceeding Arizona in the recovery, the sustained, gradual climb back to economic relevance we once enjoyed is creating a much more stable economy from which to build.
That is why it is so important for the Arizona Small Business Association to be at the forefront in economic development initiatives that will help create new opportunities for all businesses in Arizona. By having a seat at the economic development table means the needs of the business community will always take precedence.
Most recently, ASBA has taken a lead role in exporting. If you haven't done it yet, it's time to look at customers outside your neighbor, your city and even outside the country. Exporting goods or services has been largely overlooked by most businesses. ASBA is part of an initiative to create pathways to help businesses understand the opportunities by exporting their product or service. By eliminating some the barriers and the unknowns, we will be able to introduce many businesses to new markets and thus vastly increasing their customer base.
ASBA was also instrumental getting the new equity crowdfunding law passed in Arizona. Raising capital has always been the biggest challenge for small business. We typically resort to using retirement funds, 2nd mortgages, credit cards, and friends and family to help fund our business. In most cases, it is not enough. Equity Crowdfunding is different than typical Kick Starter crowdfunding in that you are actually selling shares of the business in return for an investment. Previously, this option required SEC compliance which is complicated and expensive and reserved for companies seeking millions of dollars. This law takes those barriers away.
The army of small businesses that are part of ASBA recognize there is strength in numbers. Our advocacy efforts on reducing taxation and regulation in Arizona and at the federal level, creating pathways to sell products and services abroad and creating alternative ways to raise much needed capital are the kinds of efforts that bring prosperity to businesses in Arizona. It's exactly what the Arizona Small Business Association should be doing for businesses because at the end of the day, everything we do is all about jobs.