National Small Business Week and Supporting Local Small Businesses

Normally, National Small Business Week is held the first week in May, but we know that 2020 is anything but normal. The event was postponed until this month. The Small Business Administration (SBA) is kicking off the week with a virtual conference. Here is the link to the events:

Some of the topics included: SCORE is here to help, Well-being During Uncertain Times, and SBA’s Veteran Resources. Also, you can learn how the SBA is still offering assistance to businesses that have suffered due to Covid-19. Here is that link.

According to the JP Morgan Chase & Co. Institute, one third of all small businesses exit within the first two years of business, and half do not make it five years. Small businesses are crucial to local economies. An American Express study in 2018 determined that 67 cents of every $1 spent at a local business stays in the community. In 2019 Shop Small Saturday had customers spending a record $19.6 billions at local small businesses. (Note: Shop Small Saturday will be November 28this year.)  We had the opportunity to attend the SouthWest Mobile Chamber of Commerce Business Expo this week. Having just come through Hurricane Sally, the attendance was lower than last year, but we were energized by the spirit of the businesses and the visitors. We encourage you to support your local businesses.

Mobtown Burger Week is rapidly approaching its October 3^rd start. We loved this event last year and enjoyed tasting a few of the featured burgers. We cannot wait to sample more of them this year.

2020 has posed many challenges to small businesses. Restaurant revenues in May were down 37% from the previous May. Business Interruption lawsuits passed 100 filings in May and are rising. To survive and thrive, business are having to reevaluate how they do business, look for efficiencies, examine technology in a new light, and review their business practices and policies. Loper Law LLC can help.

Besides owning his own small business, Tom has an MBA from The George Washington University and he is in the process of earning his LLM in Taxation (Master in Tax Laws) from Boston University. He has over 15 years of experience in the legal field and can assist with restructuring businesses, reviewing policies to assure that you are getting the compensation you deserve for your economic losses, and drafting and advising on business agreements.

Here’s to a successful Small Business Week. We hope to see you at a local restaurant trying a Mobtown Burger soon. Send us your photos and recommendations.