These days, many small businesses might be seeing their bottom lines improving overall, yet still struggle in a number of ways to make sure they’re doing as much as they can to ensure future success as well. With this in mind, the Obama administration recently announced a plan that might help smaller companies improve their infrastructure overall.
President Barack Obama recently traveled to Pittsburgh, where he outlined a new plan to help entrepreneurs get access to as much funding as possible, according to a report from the New York Times. The plan will provide more than $5 billion in assistance for purchasing high-tech manufacturing equipment in particular, and a number of federal agencies will likewise invest in the future of such endeavors. Each will contribute $150 million to the Materials Genome Initiative, which studies new, advanced materials. Therefore, small businesses in particular that work on the cutting edge may be able to significantly improve their chances for succeeding in the emerging markets going forward.
This comes with a caveat
However, Obama also said that it’s important for companies and workers alike to be able to adapt to the new and emergent business environments that may now be developing, the report said. Those who don’t might find they’re being left behind and unable to succeed overall. This won’t always be easy, of course, but with the new government programs, the transition could be smoothed for many companies across the country, at least somewhat.
“Older workers who lose their jobs have to recognize that they are going to have to adapt and retool in order to get an opportunity,” Obama said in response to one question from a woman who said she was turning 60 soon, according to the newspaper. “You may not be able to be in the same industry you were before. It’s not always fair, but it may be what’s required.”
Owners who want to best position themselves and their companies for success down the road might want to start by finding ways they can cut their costs overall. That could include taking the time to find more affordable small business insurance coverage, including policies for liability insurance. This could potentially end up saving them thousands of dollars or more every year, and those funds could then be devoted to other aspects of the company.