Starting Sept. 13, we’re celebrating National Small Business Week - specifically the “resilience and renewal” of those businesses who have conquered the challenges of this past year, due to COVID-19 shutdowns.
Did you know that over 50 percent of Americans work in or own a small business? Better yet, nearly two-thirds of jobs in America are created by small businesses. They not only provide an overwhelming presense of jobs to the American public, but are also becoming threatened from the financial crisis impact of continuing government shutdowns.
Gather the Facts
At then end of 2020, the Small Business Administration (SBA) estimates there was 30.7 million small business in America, making up 99.9% of all companies. Yet, the total revenue of all these companies only comprises 44% of the nations economy.
Not only were small businesses the most impacted from COVID-19, 53% of small business reported that they were forced to shut down due to COVID-19. During the second quarter (April-June) of 2020 small businesses, average revenue was $193,865 down from the healthy $405,030 of last year.
This large shift in consumer spending has signaled a need for more people to support the small businesses in their community more than ever.
Take Action Now
What if every adult in the US spent $100 at a small business rather than at a large corporation? This would create $25.8 Billion in revenue, creating a large shift away from corporation spending.
In honor of celebrating National Small Business Week, first I would like to thank you for choosing GuideSpring Wealth Strategies as your financial advisor and supporting a local businesses. This week I would like to challenge you to find a new local small business to check out and support as we work through the pandemic shutdowns together.