On October 7th, Forbes hosted their annual Small Business Summit to equip America’s 30M+ SMBs with the guidance and tools needed to persevere during one of the most unpredictable times in recent history.
Featuring speakers from the Small Business Administration, Federal Reserve, Goldman Sachs and beyond, attendees tuned in virtually to hear from small business advocates - and SMBs and the partners that fuel their success - to discuss the event’s theme of “Innovating For the ‘Next Normal’,” covering topics ranging from the role of the government in economic recovery and capital evaluation, to innovation and the evolving retail landscape.
Here’s what you missed:
- SMBs need more support than ever before. An estimated 20% of SMBs are expected to close by the end of their first year, and lack of funds is always a top reason they fail to launch. The Small Business Administration understands their responsibility to give SMBs a fair shot, and is laser-focused on providing access to capital, markets and networks in order to do so. They’re paying special attention to ensure underserved communities have access to venture, and are continuing to innovate services to aid in SMB growth given their critical role in fueling our global economy.
- Businesses need to plan for a hybrid environment: The impact of COVID on SMBs isn’t going away anytime soon. Business owners are trying to reconcile how to reframe impacted financial statements, disruptions of services and halted supply chains - and for minority-owned SMBs, perpetuating bias and racism - which have all served as major barriers.
- The right infrastructure and tools are the pathway to growth: Storytelling is a powerful tool, but it’s important to know who is hearing your story. Shopify’s Harley Finkelstein discussed the importance of prioritizing where small businesses place their time, attention and energy to ensure they’re only investing in infrastructure and tools that help unlock new opportunities as they grow and scale.