{"id":728,"date":"2021-05-04T08:30:27","date_gmt":"2021-05-04T12:30:27","guid":{"rendered":"https:\/\/advertisingweek.com\/aw360\/2021\/05\/04\/dont-call-it-a-recovery-yet-small-business-growth-still-lags\/"},"modified":"2021-05-04T08:30:27","modified_gmt":"2021-05-04T12:30:27","slug":"dont-call-it-a-recovery-yet-small-business-growth-still-lags","status":"publish","type":"post","link":"https:\/\/advertisingweek.com\/aw360\/news\/dont-call-it-a-recovery-yet-small-business-growth-still-lags\/728\/","title":{"rendered":"Don\u2019t Call It a Recovery Yet: Small Business Growth Still Lags"},"content":{"rendered":"<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc376258 = window.plc376258 || 0;\n            document.write('<' + 'div id=\"placement_376258_' + plc376258+ '\"><\/' + 'div>');\n            AdButler.ads.push({\n                handler: function (opt) {\n                    AdButler.register(167788,376258, [300,250], 'placement_376258_' + opt.place, opt);\n                },\n                opt: {\n                    place: plc376258++,\n                    keywords: abkw ,\n                    domain: 'servedbyadbutler.com'\n                }\n            });\n        <\/script>\n        \n\n<p class=\"wp-block-paragraph\"><em><strong>By Kathryn Petralia, Co-Founder of Kabbage, an American Express Company<\/strong>\n<\/em><\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Lawmakers have pointed to <a href=\"https:\/\/www.theguardian.com\/business\/2021\/mar\/08\/us-economy-covid-recovery-growth-joe-biden-vaccine\">stabilized<\/a> GDP and a <a href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/stock-market-outlook-bullish-next-year-equities-have-best-setup-2020-11-1029825546?op=1\">surging<\/a> stock market as evidence that the nation is poised to return to \u201cnormal\u201d after 2020\u2019s economic catastrophe. But GDP and the S&#038;P are not adequate proxies for real-world conditions, especially for the smallest businesses, the ones that define our neighborhoods and communities.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">After the crash of 2008, the government emphasized stabilizing financial markets over assisting small businesses and struggling households. Even if well-intentioned, the resulting redistribution was so profound that analyst Karen Petrou called these policies <a href=\"https:\/\/www.amazon.com\/Engine-Inequality-Future-Wealth-America\/dp\/1119726743\"><em>The Engine of Inequality<\/em><\/a> as they aided mostly the top few percent.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Even in the small business category, the already substantial gap between the largest and the smallest firms widened during the COVID recovery, according to <a href=\"https:\/\/newsroom.kabbage.com\/news\/research\/recovery_report_1\/\">new survey data<\/a>. In short, businesses with more than 100 employees are growing: the largest small businesses saw an average of 33% profit and 35% growth year-over-year. For some, the rally has been nothing short of heroic.<\/p>\n\n\n\n\n<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc428354 = window.plc428354 || 0;\n            document.write('<' + 'div id=\"placement_428354_' + plc428354+ '\"><\/' + 'div>');\n            AdButler.ads.push({\n                handler: function (opt) {\n                    AdButler.register(167788,428354, [300,250], 'placement_428354_' + opt.place, opt);\n                },\n                opt: {\n                    place: plc428354++,\n                    keywords: abkw ,\n                    domain: 'servedbyadbutler.com'\n                }\n            });\n        <\/script>\n        \n\n<p class=\"wp-block-paragraph\">However, the outlook for businesses with fewer than 20 employees\u2014which comprise <a href=\"https:\/\/sbecouncil.org\/about-us\/facts-and-data\/\">90 percent<\/a> of all businesses in the nation, employ half of Americans, and generate half our economic activity\u2014is considerably more uncertain. <a href=\"https:\/\/newsroom.kabbage.com\/news\/research\/recovery_report_1\/\">According to the data<\/a>, the smallest businesses saw profits dry up completely, and reported just 2% revenue growth year over year.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, the NASDAQ, heavily comprised of Big Tech stocks, climbed over 43% by the end of 2020.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Outcomes have begun to diverge, raising concerns about a <a href=\"https:\/\/www.investopedia.com\/k-shaped-recovery-5080086\">K-shaped<\/a> recovery. Wall Street has regained its footing, but Main Street may take more time, and more support, to rebound.<\/p>\n\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Will Small Business Bounce Back?<\/strong><\/h3>\n<p class=\"wp-block-paragraph\">Yes, eventually. But, better measures of business health, like access to funding, staffing and hiring, restored supply chains, consumer confidence and the availability of goods and services to small business buyers could give us a clearer picture of our economic situation. The reality toggles between glass half-full and empty.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">On one hand, revenue for the small business sector as a whole <a href=\"https:\/\/www.brookings.edu\/research\/ten-facts-about-covid-19-and-the-u-s-economy\/\">dropped<\/a> by one-fifth. On the other, recent data show the percentage of small business revenue from online sales increased from 37% to 57% in less than one year, owing to changes in consumer behavior and small business offerings during the COVID-19 lockdowns.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Many SMBs executed <a href=\"https:\/\/www.americanexpress.com\/en-us\/business\/trends-and-insights\/articles\/the-art-of-the-pivot-olga-sagan-piroshky-piroshky\/\">impressive pivots<\/a> to stay afloat in the COVID confusion. <a href=\"https:\/\/fortune.com\/2020\/09\/28\/covid-buisnesses-shut-down-closed\/\">Tens of thousands<\/a> more\u2014and no one\u2019s <a href=\"https:\/\/smallbusiness.com\/covid-19\/small-businesses-are-closing-by-the-thousands-but-no-one-knows-exactly-how-many\/\">quite sure how many<\/a>\u2014sank into insolvency instead and will <a href=\"https:\/\/www.washingtonpost.com\/business\/2020\/05\/12\/small-business-used-define-americas-economy-pandemic-could-end-that-forever\/\">not reopen<\/a>. Meanwhile, a record <a href=\"https:\/\/www.npr.org\/2020\/12\/04\/942777493\/new-businesses-starting-at-record-rates-despite-the-pandemics-effect-on-economy\">four million<\/a> new businesses were registered in 2020. During one three-month stretch, the country added more new businesses than any other quarter <a href=\"https:\/\/www.census.gov\/econ\/bfs\/pdf\/bfs_current.pdf\">in its history<\/a>.<\/p>\n\n\n\n\n<h3 class=\"wp-block-heading\"><strong>We&rsquo;re getting there, but as a nation, we mustn&rsquo;t be quick to claim victory<\/strong><\/h3>\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/newsroom.kabbage.com\/news\/research\/recovery_report_1\/\">New data<\/a> from small business decision-makers themselves gives us a better understanding of their well-being. Asked how they would know their business had fully recovered from the pandemic, most told surveyors that reliably making payroll was the crucial test. \u201cPaying employees their full wages without concern\u201d outranked owner salaries, increased revenue, and customer demand as the key signal for small businesses recovery.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Increased need for services has led to <a href=\"https:\/\/www.oberlo.com\/blog\/online-businesses-changes-during-coronavirus\">innovation<\/a>. The very smallest firms are <a href=\"https:\/\/www.zdnet.com\/article\/covid-19-impact-growing-small-and-medium-businesses-are-investing-more-in-technology\/\">most likely<\/a> to adopt emerging technologies, as they don\u2019t have to contend with large, legacy systems. The already-rapid digitization of customer relationships, and the growing ratio of online-enabled offerings, may have been accelerated by <a href=\"https:\/\/www.mckinsey.com\/business-functions\/strategy-and-corporate-finance\/our-insights\/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-business-forever\">as much as seven years<\/a>.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">One of the success stories of the COVID recovery so far has been the SBA\u2019s decision to include FinTech firms in the distribution of PPP. Early on, Paycheck Protection Program funds mostly went to the largest businesses, as pre-existing relationships with major banks were a prerequisite for early loan success, and many banks used customer portals to collect applications.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">FinTech firms were arguably a saving grace for the smallest businesses and helped smooth wider distribution. Yet, even with their help, outcomes were still skewed: one in three businesses with more than 100 employees received the forgivable federal loans; just one in seven of the smallest businesses received help.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Small business owners continue to see <a href=\"https:\/\/www.forbes.com\/sites\/allbusiness\/2019\/04\/21\/cash-flow-challenges-facing-small-business-owners\/?sh=293df69c3656\">cash flow<\/a> as a major challenge in coming years.<\/p>\n\n\n\n\n<h3 class=\"wp-block-heading\"><strong>In Conclusion<\/strong><\/h3>\n<p class=\"wp-block-paragraph\">Like the consequences of the shutdowns, the recovery is far from uniform. Booming growth, <a href=\"https:\/\/news.yahoo.com\/three-pillars-of-bull-market-in-place-morning-brief-095329123.html\">bull markets<\/a>, <a href=\"https:\/\/www.msn.com\/en-us\/money\/markets\/bitcoin-surges-over-the-past-week-holds-around-60-000\/ar-BB1eA27a\">crypto surges<\/a>\u2014these have little relevance to the real-world health of our economy.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">A decade of \u201croaring 20s\u201d celebration is possible, but it\u2019s not here yet. If the needs of the smallest firms are <em>not<\/em> perfectly aligned with the needs of the largest\u2014their recovery won\u2019t be, either.<\/p>\n\n\n\n\n<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc376259 = window.plc376259 || 0;\n            document.write('<' + 'div id=\"placement_376259_' + plc376259+ '\"><\/' + 'div>');\n            AdButler.ads.push({\n                handler: function (opt) {\n                    AdButler.register(167788,376259, [300,250], 'placement_376259_' + opt.place, opt);\n                },\n                opt: {\n                    place: plc376259++,\n                    keywords: abkw ,\n                    domain: 'servedbyadbutler.com'\n                }\n            });\n        <\/script>\n        \n","protected":false},"excerpt":{"rendered":"<p>A decade of \u201croaring 20s\u201d celebration is possible, but it\u2019s not here yet. If the needs of the smallest firms are not perfectly aligned with the needs of the largest\u2014their recovery won\u2019t be, either.<\/p>\n","protected":false},"author":7,"featured_media":729,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","editor_notices":[],"footnotes":""},"categories":[1],"tags":[3,9],"topics":[2],"class_list":["post-728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-brands-marketers","tag-smb","topics-editorial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Don\u2019t Call It a Recovery Yet: Small Business Growth Still Lags | AW360<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advertisingweek.com\/aw360\/news\/dont-call-it-a-recovery-yet-small-business-growth-still-lags\/728\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don\u2019t Call It a Recovery Yet: Small Business Growth Still Lags\" \/>\n<meta property=\"og:description\" content=\"A decade of \u201croaring 20s\u201d celebration is possible, but it\u2019s not here yet. 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