Cheetahs Continue GC2011 Web

8/3/2019 Cheetahs Continue GC2011 Web

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Lessons on How to Survive and Thrivefrom Missouris Fastest Growing Businesses

Dr. David Schmidt

BRIDG | University of Missouri

Alan Spell

MERIC | Missouri Dept. of Economic Development

Cheetahs ContinueCheetahs ContinueMissouri Economic Research and Information Center Business Research and Development Group

2011GovernorsConferenceonEconomicDevelopment


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The Importance of Being Cheetahs

What are Cheetahs?

Not Gazelles!

Doubled Jobs over 5 years(2001-2006)

Cheetahs Continue:

Cheetahs that Continued Job Growth

(2006 2009)

Cheetah growth exceeded 250 percent

when statewide job growth for the period

o r g na ee a s e o s manage ust over percent.



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The Importance of Being Cheetahs

Continuing Cheetah by Region

Cheetahs Around the State:

Although a Select Group, Continuing Cheetahs are

found almost e uall across the State

0.8 - 1.0% of Firms are Continuing Cheetahs

Most are Small Businesses:

81% had Less than 50 Employees



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Study Description

Surveyed of Continuing Cheetahs:

593 Firms had Telephone Interview

,

Firms to Compare Some Questions

Depth Interviews:

20 Cheetahs had Detailed Interviews to

Gain More Insights. Example firms include:

Battery Suppliers

Metal Fabrication Mfg.

Chemical Mfg.

Lab Services

1,630 Continuing Cheetahs in Missouri

Engineering Consulting

Accounting Firm



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Importance of Cheetahs Continue

ResearchQuestions: Fast

growth

firms

CEOs

(Cheetahs)

perspectives

onseveralkeyissues

Provideinsight

for

Economic

Development

policy

an a c v y

(Cheetahs)



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Importance of Cheetahs Continue

WhatCheetahsbelievearetheirReasonsforSuccessA. Whenthebusinesswasformed

B. OngoingorContinuingSuccess

HowCheetahsfeelabouttheBusinessClimateinMissouriA. Whatkindsofongoinginvestmentsaretheymaking

andwhat

they

believe

their

needs

are

WhatCheetahsthinkaboutcommunityinvolvementand

networkingintheirHomeRange GovernmentroleandPolicyImplications



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Reasons for Success: At Formationa ma e you e eve a ere was a v a e

opportunity in the marketplace?

Recognized demand 43%

Experience 21% 74%

Entrepreneurial 7%

Lackof

competition 5%

Research 5%

FamilyBusiness 4%

TOTAL RESPONDENTS 100%



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Market Orientation

Market orientation is a business philosophy and

or anizational culture built around an or anization-

wide effort to: atherintelli enceaboutcurrentand ros ective

customersneeds,

sharethat

intelligence

internally,

and

respondmeaningfullytoit

Kohli andJaworski 1990



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ReasonsforSuccess

RecognizedDemand 43%

Theirown

Experience

(in

the

market) 21%

Research (regardingthemarket) 5%

74%


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Whataretheke factors orfactor thathasenabled ourbusiness

to

continue

to

grow

throughout

the

recession?

StrategicPlanning+MarketOrientation

CustomerService/Quality 28%

MarketDemand 23%

78%


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How do Cheetah CEOs feel about the

Investing to grow: (access to credit, workforce issues,

,

performance)



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Do Cheetahs plan to Hire more People

35% of Cheetahs expected to increase employment levels as compared

to 24% of Business Survey respondents

Cheetahs felt that only about half of the applicants were adequate



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What Cheetahs SaidWhat Type of Investment would likely

Expand Your Growth Potential?

Technology and Talent



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Business Climate: How do Cheetahs

Ongoing Innovation



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What Expert Help do Cheetahs Need?



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WhyareCheetahsmoreOptimistic?


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Home RangeHow important is local community

in l m nt n n t rkin t in



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How much do Cheetahs use the



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How much of Cheetahs sales come

rom u -o - a e



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Do Cheetahs get involved in

e r ommun es es

Do you serve in a voluntary capacity for any boards,

committees, or organizations within your community?



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Where do Cheetahs want to Locate?Commercial Centers or Anywhere



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Policy Issues for Cheetahs

Over past 5 years, any State or Local Policy that:

Hindered Growth? No Hel ed Growth? No

es esponses:

Regulations 38%

Taxes 21%

Of Yes Responses:

Tax Credits 27%

Reg./Tax Reform 23%



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What Cheetahs Said

What do You Pay too much for in Missouri?

Health Insurance, Taxes, and Nothing

Cheetahs ContinueCheetahs ContinueMissouri Economic Research and Information Center Business Research and Development GroupCheetahs ContinueCheetahs ContinueMissouri Economic Research and Information Center Business Research and Development Group


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What Cheetahs Said

If You could receive Free Training,

What would you Train Your Staff on?

Specific Job Tasks are Number One but Soft Skills Next



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What are Some Lessons?

For Talent Development:

Targeted OJT Training #1, Professional Fundamentals #2

Business Management requested by Owners (Growing Pains?)

For Policies Tar etin Growth:

Technology Investments: Company (Software/Equip.) and Broadband

Talent Development: See Above (Interesting how this is connected)

For Finding the Next Cheetah in Your Community:

Introduce Smaller, Established Firms to Avail. Resources and Training



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Thank YouDr. David Schmidt

BRIDG | University of Missouri

Alan Spell

MERIC | Missouri Dept. of Economic Development

Key Partners and Contributors:Economic Development Administration

mp oymen an ra n ng m n s ra on

Missouri Small Business & Technology CentersUM Center for Advanced Social Research

Tom Reichart, Planner, MERIC

Dr. Marty Romitti, Former Director, MERIC

Dr. David Schmidt, Director, BRIDG

Alan Spell, Research Mgr., MERIC

Date post:	07-Apr-2018
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