If We Want a More Resilient Nation, Let’s Start with Small Businesses

Corporate Layoffs are in Full Swing Already

At the time of this writing, it’s January, 2024 Citigroup recently announced they’re laying off 20,000 people. That's the size of a small town.

Google announced to expect more layoffs this year after laying off 12,000 people in 2023. Also the size of a small town.

Sports Illustrated found itself in trouble and most of its staff was let go either that day or will be in the coming few weeks.

Wayfair is laying off another 13% of its workforce. Amazon, Macy's and Duolingo are among others laying off workforce. And those are the big companies that announced. What about the big companies that haven't announced?

According to CNBC, 305,000 people were laid off in 2023. That's the equivalent to about 1/2 the population of metro Colorado Springs.

I grew up in a small family business, as most of my high school and college friends know. That company, while far from perfect, put a roof over our heads, food on the table, clothes on our backs, sent me to college, instilled my work ethic and entrepreneurial drive. It was a resilient company until it wasn't.

I know we're heading into a political season, and here's what else I know. The government is not going to save small businesses.

While not a government agency, I was on a webinar the other day with the U.S. Chamber of Commerce and was quite dismayed at what I heard regarding the state of business in the United States. The spin leaned toward big companies and small business barely got any mention at all.

I get it, if it weren't for Microsoft, Google and Meta, we wouldn't be having this conversation.

However, if we want a resilient nation, we have to start with small businesses because THEY are the champions of the economy.

99.9% of all companies in the U.S. are small businesses.

Nearly 1/2 of all employees in the U.S. are employed by a small business. In most of my prior corporate career, I was employed by small companies.

Small businesses are the ones that are directly involved with, hire people and make the most impact for their local communities and their families.

And yes, the Walmarts and Targets of the world employ people, too. I know that. Yet, for every dollar you spend with a small business, 70% stays in the local economy. For every dollar you spend at Walmart or Target, 60% leaves the local economy.

So, if we want a resilient nation, not a divided one and certainly not one with major corporations who let people go on a moment's notice and let's face it, where people are treated as commodities and numbers, let's start with small businesses in our local communities.

Resilient small businesses create resilient local economies which create resilient cities, counties and so on.

Until next time…
Never settle.

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