Top thought leaders, policymakers, and entrepreneurs gathered on Zoom last Friday to discuss the future of small business. And the overall tone of the first-ever Forbes 2020 Small Business Summit was urgent – and dare we say hopeful – as they reflected on the pandemic’s impact so far.
2. Consumers are becoming increasingly selective on which
companies they support – favoring ones that align with their
values.
But they’re also increasingly selective on which companies they
support – favoring ones that align with their values. Meaning,
now more than ever, you need to share your company (and
personal) values.
Actively share your company values1
“People right
now are
really paying
attention to
where they
spend their
money,”
Lauren Cooks
Levitan, Faire
CEO
Quick take: At the bare minimum, share your lived
experiences, values, and social impact initiatives on your
website.
3. Make sure everyone has a seat at the table
For local economies to thrive, we need our
business community to reflect the community
itself. And that starts by making entrepreneurship
more inclusive.
Regardless of your industry, there are plenty of
diverse candidates with the skill sets and
experience your business needs. And rather than
taking the closest or first-available candidate, you
need to fill your pipeline with diversity.
Quick take: Diversify your pipeline with top candidates from all walks of life. (And create
an equitable compensation program to start building intergenerational wealth.)
2
4. Throughout the pandemic, the PPP program has
failed to support much of Mainstreet America.
Square became an SMB lender amid
COVID (averaging $11,000 per loan to primarily
single sole proprietor businesses). And
simultaneously, they have changed lending from a
transactional event into one that happens in
context. AKA unlocking access for more people to
secure financing.
Look for alternative funding opportunities3
Quick take: Companies like Square and Facebook provide alternative
avenues to secure capital.
5. Double down on technology
When SMBs embrace digital tools, they perform 4 times
better overall. And online sales platforms like Etsy and eBay
provide a low barrier of entry way to stay in business while
social distancing.
By leveraging these platforms, you can continue to serve your
customers as well as reach a wider audience.
Use Finale Inventory to track what you have in-stock and
where, and Trainual to keep your team aligned and
accountable.
4
Quick take: Focus on adopting technology that will provide an immediate return and be a
solid long-term investment. For example, an inventory manager and training software.
6. Small businesses don’t have the added weight that comes with size. So when they see what’s
working or what’s missing, they can quickly shift to meet new demands and lifestyles.
Square used a combination of public and private data to real-time industry insights across
geographies. While venture capital and government funding often relied on data that was
already out of date.
All signs point to SMBs coming out stronger than ever5
Quick take: “The playing field, at this point, is being leveled,” said Lauren
Stovall, Legacy Preserver at Hot Sam’s Detroit. “And small businesses need not
despise that. We’re bigger than we think.”
Hot Sam’s Detroit, a suit shop in Detroit, added Zoom meeting
appropriate loungewear to their inventory seemingly overnight as
people transitioned to working from home. Meanwhile, larger
operations like Men’s Wearhouse have filed for bankruptcy.
