Inspire Growth.
Small business are the building blocks for any strong economy; this is especially true for the United States. While giant corporations are usually perceived as the industry movers and are plastered as faces of the stock market, it is the underground startups and local mom-and-pop shops that truly influence economic growth.
What makes small businesses unique is their ability to cater to local communities through job opportunities and market competition. Whereas a big company will hire from a larger pool, local businesses tend to hire directly from the community which means they can stimulate economic growth from the ground up. Plus, the agility of small businesses, as opposed to large bureaucratic corporations, allows them the flexibility to innovate in technology, thinking, and behavior much faster.
According to the Small Businesses Administration (SBA), over 56 million people are employed by small businesses, which accounts for 57% of all the employees in the private sector. Small businesses also account for 99.7% of all US employers and 44% of the US payroll making them crucial drivers in our economy. Just between 2005 and 2008, the SBA reported that 81.4% of all new jobs were the results of small businesses. (Source: Small Business Association)
However, with the introduction of Covid-19 and the related restrictions it has created, many small businesses have faced tumultuous times. From difficult to accommodate safety mandates to simply a decrease in demand, small businesses across the nation have been losing sales and struggling to stay afloat. Up to 40% still remain closed since the start of the pandemic. In the summer of 2020, the leisure and hospitality industry, which was 61% small businesses, had the largest decrease in employment at 48%. Similar businesses reliant on tourism and in-person commerce suffered greatly. In a disastrous loop, for many businesses, decreased sales puts pressure on employers who can’t afford the labor costs and are forced to cut workers. Having fewer employees makes production more difficult, decreasing supply, and in turn, decreasing sales. Many shop owners are stuck in this cycle of insufficiency without a financial or economic escape route. While stimulus packages from the government have helped many, it has yet to reverse the effects Covid has placed on small businesses across the nation. (Source: Small Business Association)
At Blue Group, we strive to support small businesses and communities across the world as they fight through financial and economic hardship. Our team works with clients that own local businesses and supports low-income communities to foster development and sustainable, long-term growth. We work with businesses to promote brand clarity, labor resources acquisition, supply chain streamlining, client-base expansion, media marketing, and online growth. Our international efforts range across education, fundraising, and advocacy as we work to strengthen impoverished communities. All of our clients have the potential to become dynamic, prosperous businesses and communities. We hope to see them all grow and prosper as big fish in their community.
Please reach out through our contact form or send us an email if you have any questions or to see how you can help.
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Rahul Ramesh
Founder and Executive Director, Blue Group