LITTLE ROCK, Ark. (KATV) — Small business owners across Arkansas will have a chance to swap ideas, pick up new tools and maybe even snag an award when the Little Rock Regional Chamber hosts its second annual Small Business Summit, followed by its eighth annual Small Business Impact Awards.

The event is set for Wednesday, May 6, from 8 a.m. to 1 p.m. at the City Center.

Chamber leaders say the summit is designed to help small businesses grow by offering resources and professional development. Stacy Wilson, Chief Revenue Officer at the Little Rock Regional Chamber, said small businesses make up the bulk of the chamber’s membership, noting that 85% of the businesses within the chamber are small businesses with 250 employees or less.

New this year, the summit will include breakout sessions. Kellen Davis, of Small Business & Entrepreneurship department at the Little Rock Regional Chamber, said attendees will have two presentation time slots, each with two options to choose from.

In the first slot, one session will focus on “how to work on your business, not just in it,” aimed at helping owners step back from day-to-day tasks and think strategically about the future. The other option will cover “attracting and developing the next generation of talent,” with Gina Smith of Rock Region Consulting discussing how small businesses can compete with larger organizations to recruit and develop employees.

In the second slot, one option will be a panel discussion on “keeping the end in mind,” focused on planning for the long-term future of a business, whether the goal is retirement, a sale or passing the company to family. The other session will cover “the legal environment of HR management,” with Mike Moore of The Friday Firm discussing compliance issues tied to hiring, interviewing and firing.

The summit is open to both chamber members and nonmembers. Wilson said people can register online or call the chamber office for help signing up.

Bank OZK is the presenting sponsor again this year, and chamber leaders said the bank is “deeply invested in the small business community.”

After the summit, the chamber will present its Small Business Impact Awards, which include categories for community impact, Love Little Rock, Small Business of the Year and a women-owned business.