Augusta Business Daily

Wednesday, June 7, 2023

Virtual summit highlights Small Business Week

A weeklong event kicked off yesterday afternoon at 1028 Broad Street, at the home of 10Twenty-Eight, a new membership and networking lounge.

They are in partnership with the Downtown Development Authority this week to showcase small businesses via social media and the week ends on 1st Friday with a shop small business day.

It hardly comes as a surprise that a national survey of small business owners found that their top concerns are the economic impact of inflation and interest rates.

This week (April 30-May 6) is National Small Business Week. In conjunction with that, financial website surveyed more than 200 small business owners to discover their top concerns.

Topping the list was inflation – 75 percent said 40-year-high inflation makes it more difficult to run their business. And 63 percent said that the corresponding rise in interest rates is hurting their business.

“Many businesses are leveraged with variable-rate debt, not getting enough of a return on their cash, and trying to fight shrinking margins without alienating customers,” said Jill Gonzalez, WalletHub analyst. “After rebounding from the pandemic, small businesses have found themselves facing major headwinds yet again.”

Still, more than half (56 percent) are optimistic that this is a good time for a business to grow. The keys to business growth and success, according to the survey, are low taxes and easy access to credit. To a lesser extent, some business owners also cited limited regulations and legislative incentives.

Nearly 40 percent of those surveyed feel National Small Business Week helps their business. Small Business Week is co-sponsored by the U.S. Small Business Administration and SCORE.

“Together, American small businesses create a very large impact on our nation’s economy,” said SCORE CEO Bridget Weston. “The past few years have challenged business owners like never before. Thanks to the generous support of our National Small Business Week sponsors, we are celebrating the resilient spirit of American entrepreneurialism and providing timely education and resources to help ensure the continued vitality and success of our small businesses.”

A highlight of the week is a two-day free virtual summit May 2-3. Discussions during the summit will include the possible recession, AI, E-commerce, payment processing and “future-proofing” your business for long-term success. For more information about the virtual summit and to register, click here.

WalletHub has also listed the five best credit cards for small businesses and the seven best bank accounts for small businesses.

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