Barb Cutillo: Empowering owners to drive growth in their communities

I recently had the honor of attending the Executive Certificate in Business Marketing & Sales Program offered to small-business owners in the central Indiana region. Led by Josh Gildea, senior lecturer of marketing at the Kelley School of Business, approximately 45 business owners spent three consecutive days in downtown Indianapolis participating in the third executive education certificate in the Enterprise Corps series offered by the Kelley School of Business.

Funded by donors that include Indiana University, the Indy Chamber of Commerce and Merchants Bank of Indiana, this free program was established for two reasons: to concentrate on the root causes of the severe challenges small-business owners faced during the pandemic and to address the third-worst Kauffman Foundation ranking (out of 40) that our metropolitan region earned for small-business success. A coalition of concerned organizations—including the Kelley School of Business, the Indy Chamber of Commerce, the Indy Black Chamber of Commerce and Mid-States Minority Supplier Development Council—decided to work together to support small businesses by doing what we individually do best for the business community. With the Kelley School of Business’ commitment to practical, hands-on business education and fostering a thriving entrepreneurial ecosystem, the Enterprise Corps Executive Certificate Program was conceived, for which I serve as faculty director.

The Enterprise Corps Executive Certificate Program is designed for small-business owners who are serious about growing their business and willing to learn new concepts to ultimately generate a larger economic return for themselves and our community. Business concepts are presented by experienced faculty who “deliver ‘hands on’ tactile-oriented class sessions that allow each participant to use their company as the business case for learning.” In other words, business owners are leaving these three-day sessions with tangible solutions and work products, such as key strategic initiatives, realistic financial goals and solid marketing plans to help support and grow their companies.

For example, in the recently offered Executive Certificate in Business Marketing & Sales Program, participants learned to segment their market, identify target customers and position their product in a way that demonstrates value. Marketing channel design, pricing strategies and effective promotions were also covered.

As an observer of the class, I can tell you the owners were highly engaged and soaked up the content. Some comments from the exit survey included: The course “has allowed me to become the best in my industry,” it was a “great experience that is highly impactful,” and, “I feel much more confident in asking the difficult questions to get to the root of my customer’s issue.”

With four executive certificates in the Enterprise Corps Program, one is focused on business strategy. Once the owners complete the strategy course, they can choose to attend the others, which are focused on financial management, marketing & sales and organizational leadership. We’ve had three sessions of the strategy course, and one session of the financial management course to date, with the strategy and finance courses planned for this fall.

Other insights gained from the business owners surveys indicate that the owners collectively attribute more than $10 million in revenue growth to their coursework. In addition, they’ve reported greater confidence and clarity as they make decisions and improved understanding of their financial situation, leading to more productive conversations with their accountants and bankers. Finally, the sessions are highly interactive, so the business owners have an opportunity to form relationships with their peers by sharing common challenges and generating insights.

What’s inspiring about this program is that we are focused on teaching what works in an immediate, practical sense, targeting what owners must do to improve the execution of strategic, financial, marketing and organizational plans. Planning is often the easiest part—plan execution is where it gets difficult. Many small-business owners give up or drop the ball because resources are tight, and the day-to-day operations still need to get done.

Starting a business is both exhilarating and tough, but growing a business beyond your personal capabilities and network is incredibly challenging. Owners with a proven product or service need solid business training, access to capital and occasions to form customer relationships to succeed. In the long run, the owner’s enhanced business training is the key, because once they are aware of the concepts, not only will owners make strategic and savvy decisions for their companies, but doors will open for additional capital, customer relationships and market opportunities. As the famous saying goes, “When you know better, you do better.”

As a former co-founder of a small company that grew to a large, national organization, I can say with certainty that my Kelley School of Business education was a critical component to our ultimate success, helping to identify prospects, implement a solid financial structure and retain the best talent. As Kelley Indianapolis’ commitment to experiential education and service to the region continues to grow, this is one of the many ways Kelley works directly with small and medium-size businesses, across the region, to cultivate innovation and improve the business ecosystem. The Kelley School of Business Enterprise Corps program is providing this chance for many small-business owners across our region to offer support and strengthen the economy.•

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Barb Cutillo is the director of experiential learning and lecturer of management at the Indiana University Kelley School of Business Indianapolis.