From March 2021 to 2022, Georgia’s small businesses were responsible for over 68% of the net employment increase, according to the Georgia Chamber’s Q2 Quarterly Economic Report 2024: Future of Small Business. Small businesses in Georgia employ over 42% of the state’s workforce. In the past five years, these businesses have added 15,000 jobs and generated $10 billion in sales, surpassing national averages for small business employment growth. Overall, Georgia remains an attractive location for small businesses to operate, and these businesses are crucial to the economic health of the area. After effects of the pandemic impacted the business landscape in a variety of ways:
Local business support
There was a noticeable shift in consumer behavior and spending, with increased emphasis on health and safety, local shopping, and supporting small businesses. We saw individuals become more aware of and involved in their local economies throughout the nation, and the same was true for Augusta-based businesses.
While many businesses in the hospitality and retail industries faced reduced operations due to health and safety measures, we saw adaptations and shifts to e-commerce to safely serve customers, many of which have continued after restrictions were lifted.
Overcoming workforce shortages
The largest post-pandemic lingering effect across nearly all industries is staffing. Sixty-two percent of executives noted workforce shortages as their top concern in the latest Georgia Chamber 2024 Executive Insights Survey. Many respondents noted enhancing compensation and providing increased flexibility in work arrangements as key to recruiting and retaining talent. Navigating workforce shortages requires a sophisticated approach. Companies have adopted strategic hiring practices such as offering competitive compensation and benefits, investing in employee development, and leveraging technology and automation to streamline operations.
While the pandemic brought new challenges to Augusta’s business environment, it also accelerated certain trends and adaptations and rallied consumer spending support. The resilience of the local economy and the ability of small businesses and residents to adapt were key in navigating these changes.
Kevin Glass is the Augusta Market President at Synovus Bank. Kevin has over 25 years of experience in commercial, private wealth, and retail banking.
