When veteran retailer Michelle Hatch Hsiao joined The Acceleration Project in 2021 as a member and volunteer, she didn’t realize she was going to get as much out of the experience as the entrepreneurs she consulted with.

The Acceleration Project, or TAP, is a nonprofit that accelerates small business growth. The group was founded in 2012 by a group of women in the New York metropolitan area — many of whom had left the work force — who were witnessing small businesses struggling in the face of competitive pressures from the Internet and big box stores. Since these women had time and the know-how that these small businesses desperately needed, the group developed a program designed to offer business consulting services that empower under-resourced entrepreneurs in order to create a more inclusive economy.

Working With TAP

Earlier this year Hatch Hsiao, f began working Stephanie Maslow, the founder of Metalicious, an ethical jewelry brand with a commitment to recycled materials and ethically-sourced gemstones with about  $400,000 in annual revenue. Maslow learned about TAP though one of TAP’s partnership with JPMorgan & Chase, and signed up for one of TAP’s Strategic Advisory Boot Camps, which are typically four to six-session engagements that feature two consultants for each business. Consultants are carefully selected to work with each business owner based on intersecting needs and skillsets.

Hatch Hsiao and another TAP consultant partner helped Maslow with strategies around marketing analysis, hiring, pricing, forecasting, and distribution. Among other things, they helped analyze Maslow’s SKU selling and item profitability and made recommendations for assortment revisions; helped analyze full P&L/final margin by selling channel to identify, unexpectedly, the channel that was most profitable and how to maximize that; reviewed her full expenses and brainstormed together on opportunities for expense reductions and reallocation; and more.

Stephanie Maslow

As a result of working with TAP, Metalicious’ business improved. “I was able to lower my expenses, which allowed me to hire more employees,” said Maslow. In addition, Maslow said her work with TAP “changed my whole perspective on business to run it like a CEO, not as someone who works here. My staff comments on the positive changes in me. I’m less of a “Mom/fix it all” and more mentoring, empowering my team.”

But helping Maslow was just as rewarding for Hatch Hsiao.

“It’s been a pleasure to  utilize my retail career experience to support the small business community,” Hatch Hsiao said. “Additionally, I meet and work with incredibly talented and collaborative volunteer consultants who are experts in their fields of finance, marketing, human resources, etc. I’m constantly growing as a retailer, as a businessperson, and as a leader with my client work as well as via the support and continuing learning that The Acceleration Project gives me. Oh, and TAP throws some great events too!”

TAP’s Successes

  • TAP leverages its network of financial institutions, community development, economic development agencies, and corporate partners to get to scale and ensure the sustainability of its network. It has worked with more than 100,000 small business owners — 90 percent are women, and 75 percent are people of color. After working with TAP:55 percent of clients increased sales;
    95 percent of small business owners feel better equipped to manage their businesses;
    85 percent of small businesses remained viable during the pandemic;
    76 percent increased or retained jobs.

How to Get Involved

Want to get involved with TAP? There are several ways:

  • Organizations and companies can work with TAP to sponsor group programming (webinars, curated coaching, etc.). JPMorgan Chase & Co., for example, funds a business coaching program with TAP.
  • Organizations and companies can work with TAP to sponsor and develop programs for small businesses within their industry or geographic location.
  • Senior leaders can join TAP as President’s Council members.
  • Senior leaders can join TAP as volunteer consultants.

For more information, check out TAP’s website here.