Mary McCarthy Catalyst Behind HB 601 to Recognize Microbusiness
Mary McCarthy, local businesswoman, entrepreneur, and President of Your Management Team, Inc., a microbusiness consulting company, celebrates the recent introduction of House Bill 601, which formally introduces and defines “microbusiness” into the Ohio Revised Code by Representative Dorothy Pelanda (R-Marysville).
“This is significant,” notes McCarthy, the visionary and impetus behind the drive to recognize and bring businesses with less than 20 employees into the discussion. “We hear continually how small business is the engine of our economy, a point we don’t dispute. The Small Business Administration defines small businesses as those with less than 500 employees, a size most of us would agree is much larger than what we really view as “small” business.” U.S. Census Bureau data from 2012 indicates that businesses with less than 20 employees comprise approximately 98% of businesses in the United States.
“I have worked with employers in the microbusiness category for nearly all of my professional life,” notes McCarthy. “We know how important they are to creating jobs, employing families, and contributing to the health and sustainability of our economy. This formal recognition of microbusiness as a category will set the groundwork for changes in how we allocate funding, conduct lending, create programs, and support these businesses.”
McCarthy worked with the National Association of Women Business Owners (NAWBO) public policy committee to get this initiative introduced. Additional organizations that have met with McCarthy regarding this effort include CCDC, WELD, the Columbus Chamber, the Ohio Chamber and ECDI. As the bill works its way through discussions, McCarthy will continue to keep an eye on it and champion its adoption.
Your Management Team, Inc. (YMT) is a Central-Ohio based microbusiness consultancy with the mission of equipping entrepreneurs with the tools to think strategically, and the education to build their businesses and strengthen the entrepreneurial ecosystem. In 2014, YMT was awarded a five-year contract from the Small Business Administration for its “Scale Up America” initiative to focus on helping businesses in the central Ohio area with revenues of $150,000 - $500,000 scale their businesses to $1 million-plus levels. Called the Entrepreneur Exchange, YMT will offer year 3 of the program starting in February 2017. To learn more about YMT and the Entrepreneur Exchange program, visit http://yourmanagementteam.com/ or call 614-602-6530.