Can BIG help small get BIGger again?

In doing some research on the “little guys,” the “mom and pop shops,” the “community anchors,” we found this interesting statistic: More than 99 percent of all American businesses are small businesses, and they employ more than half of the workforce.* We always hear that small businesses are the backbone of the economy. Fifty percent of the private payroll. So small businesses must, by the numbers alone, be critical to the strength of our economy.

There are loans, grants and programs being offered to keep small businesses, those who employ 500 people and under, afloat now and into the opening of our nation. But gaining access to the monies has, for many, proven difficult. Perhaps this is the time to start thinking about other ways to ensure the survival and long-term success of small businesses like ours. Because it is clear, if small businesses come back, the economy comes back. If small businesses survive, the economy revives.

How can large companies help?

Many of the 99% of small businesses are selling business to business (B2B) products and services to major organizations. Most of the Fortune 1000 companies have programs designed to support underestimated founders of small businesses through supplier diversity programs, educational opportunities and more. We could really use support and commitment from these bigger corporations and institutions who may receive government funds and incentives to continue to support supplier-diversity programs and other small business initiatives. In fact, if larger entities can commit to finding new ways to share these awards with small businesses, especially over the next year or so, that will get us back on track and the economy along with us.

One way to achieve faster relief for small businesses would be to carve out smaller projects and scopes of work that we can quickly complete. Spend under a certain dollar amount often doesn’t need a large RFP process or competition. Big companies can seek out small businesses for those discretionary spend opportunities to immediately support smaller suppliers. For example, is there a smaller part of a larger project that you can earmark for a small business?

Help us see light at the end of the tunnel. If you have opportunities for small businesses can we have your commitment?

Co-authored by Darcy Ann Flanders, Linda Montefusco and Liz Cullen Whitehead

 

*https://sbecouncil.org/about-us/facts-and-data/