We all knew that COVID would have a devastating impact upon small businesses nationwide but no one really knew how bad it would be, until now. According to Yelp, approximately 163,735 businesses nationwide have closed since March 1st of this year and, sadly, almost 98,000 of these, roughly 60%, are permanent closures (2020). Not surprisingly, the businesses hit the hardest were brick mortar businesses, such as retail, clothing stores, restaurants, cafes, and so forth while service businesses, such as roofing, landscaping, legal services, accounting services, and contractors, performed much better (2020). Another important result from the study pertains to geographic regions hit hardest by the pandemic and these include, on a per thousand basis, Honolulu, San Francisco, Las Vegas, San Diego, San Jose, Riverside, Los Angeles, Sacramento, Austin, Seattle, Portland, Phoenix, San Antonio, Houston, and Denver (2020).

Economies change and shift but we cannot merely stand by while our small business cohorts nationwide close their doors due to an external force such as COVID. We must unite, collaborate, and support one another if we are to preserve the small business economy and fuel the American Dream. The American economy is still built on small business but if small businesses continue to go under, the American Dream as we know it will be no more. Only we as a people can preserve it, only we as a people can ensure the American Dream lives on, but we cannot do it alone – we must unite as one force in order to help defend small businesses from external disasters. Buy from a local business today, join us in our vision, and help small businesses nationwide survive these very difficult times so that we, together, can preserve the American Dream as we know it.

John M Beaman
President of The McGraw Council Membership, Inc.
09/16/20

 

 

Reference

(2020). Yelp: Local economic impact report. Yelp. Yelp.com. Retrieved from https://www.yelpeconomicaverage.com/business-closures-update-sep-2020.html