Small Business Month is celebrated in May every year and is a special tribute to celebrate small businesses, their courage, community efforts, and hard work for an entire month! Did you know that small businesses are the backbone of the United States? Yes, according to a 2020 study by the U.S. Small Business Administration (S.B.A.), there are 31.7 million small businesses in the United States. So, as you can see, these small businesses that are the backbone of the United States economy are the unsung heroes of the American Dream.
Say Thanks! The best thing you can do to celebrate Small Business Month is to spread awareness and appreciation for small businesses. Take a moment to thank them and show your appreciation.
Invest and Partner
One of the impactful ways in which you can help small businesses is by investing in their business and helping them grow. If you already own a small business, you can even partner with them.
Spread the Word Shop locally and share your experiences/comments on social media and with friends and family.
SMALL BUSINESS NEWS
Labor Quality and Inflation While the mood on Main Street has brightened, concerns about the economy, stubborn inflation and the banking system are weighing on small business owners, according to the latest quarterly survey from CNBC and Momentive. Small business confidence for the second quarter rose slightly to 46 from 45 in the first quarter, though that still remains below the baseline for optimism. Forty percent of owners describe their current business conditions as good, up from 34% in the first quarter and nearly half (46%) say they project revenue to increase in the next year. But just 21% say they’d describe the economy as good or excellent — less than half of those that described the economy as “poor” (44%), as challenges continue with inflation and the ongoing labor crunch. Inflation Remains the No. 1 Concern The top issue for owners is inflation, with 91% expressing worry about price pressures and 41% saying it is their No. 1 concern. Less than a third of owners polled say they have confidence in the Federal Reserve — which raised again on May 3rd, but signaled a pause may be ahead — to control inflation, unchanged from last quarter. The labor shortage and supply chain disruptions round out the top three concerns for Main Street in the survey.
Small Business Resources
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KateRogers. (2023, May 4). Small business confidence rises slightly, but inflation, economic concerns dim outlook. CNBC. https://www.cnbc.com/2023/05/04/small-business-confidence-up-but-inflation-concerns-linger.html