Resources and tools exist to help startups, tech companies and larger businesses grow. But what about existing small businesses ranging from mom-and-pop grocery shops to service-based businesses like law firms?

University Circle Inc. has launched NextStep, a seven-month program that leaves business participants with a three-year growth plan, to address the dearth of such resources. The nonprofit also wants to see existing businesses in University Circle grow and thrive, particularly in light of recent residential and institutional growth.

"We want to help stabilize and grow businesses that have been here for a long time, as well as encourage new ones," says Laura Kleinman, Vice President for Shared Services with UCI. "We want to help them leverage that growth."

NextStep is the local version of Streetwise MBA, a successful program created by Interise in Boston and now exported to other locations. The 13-week curriculum covers leadership, financial management, marketing, sales, human resources and access to capital. The program also focuses on working with anchor institutions.

"You take a deep dive into running a business, using your own business as a case study," says Kleinman. "There's a lot of peer learning and resources to help them get there. We like to say the program teaches the know-how and the know-who."

Two of the businesses participating in the program are Murray Hill Market and Constantino's, both of which offer services that weren't available just a few years prior and represent the new face of business growth in Greater University Circle. They also do business with major Circle institutions, including event catering.

The program is funded in part by the Cleveland Foundation and Key Bank. As University Circle grows, UCI and other organizations are focusing on helping surrounding neighborhoods, including existing businesses there, share in the overall prosperity. UCI also has a goal of creating a "complete neighborhood" that includes thriving services as well as residences and businesses.

Participants must meet certain thresholds, including having at least one full-time employee besides the owner and bringing in a baseline of $250,000 per year in annual revenue. The discounted cost of the program is $1,200. Kleinman says the proof of the program's impact is what it's done for businesses in other cities.

"It has an impressive track record of helping create double-digit growth," she says, noting that there are a still a few spots available for the inaugural class.

Source: Laura Kleinman
Writer: Lee Chilcote