Nearly 700 Utah small businesses that trained in Salt Lake Community College’s Goldman Sachs 10,000 Small Businesses program recently surpassed combined total revenue of $1 billion.
The program is the most successful small business training effort in Utah with more direct impact on growth and direction of small businesses than any other public or private program in the state.
Participant results show that after six months of completing the program, 67% of businesses had revenue growth and after 18 months, 72% had revenue growth. In addition, nearly half, or 47%, of program participants added jobs by six months after completing the program, and over half, or 53%, by 18 months after completion.
The program has a nearly perfect graduation rate of 99.5% and takes 15 weeks to complete. To qualify, participants must be in business for two years, have four employees and a minimum of $150,000 in annual revenue. The program is free and funded by the Goldman Sachs Foundation. It recently was extended to rural small businesses in Utah.
SLCC is now recruiting for the next round of participants and is looking for as many as 40 small businesses to participate. Recruitment ends May 21. For more information, visit TheMillatSLCC.com/goldman.
How the program works
SLCC’s Goldman Sachs 10,000 Small Businesses consists of nine modules and four workshops held in evenings over 15 weeks. In addition, participants meet with their business advisors three or four times outside of class. They create a growth plan focusing on money and metrics; marketing and selling; leadership; operations and processes; and more. At the end of the course, they present their plan to the group, and begin to implement it in their business.
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