Small Business Week | April 28 – May 4, 2024
The first week of May is dedicated to celebrating the contributions of small businesses during Small Business Week, a time recognized by the U.S. Small Business Administration (SBA) to honor the impact and achievements of business owners and their effect on the economy and the communities in which they serve and do business. This celebration is well-deserved, as there are 33.2 million small businesses in America, accounting for 99.9% of all United States businesses. The economic effect of these businesses driving innovation, creating jobs, and contributing to the culture of local communities can be felt throughout the economy.
The Importance of National Small Business Week 2024
National Small Business Week, taking place from April 28 - May 4, 2024, serves a multitude of purposes. This week-long event honors entrepreneurs, small businesses, and innovative startups, recognizing their dedication and the important role they play in driving economic growth. The SBA will host a free Virtual Summit from April 30 - May 1, providing business workshops, networking opportunities, information on federal resources, and insights from expert speakers. Throughout the week, the SBA will also host seminars and events aimed at sharing best practices and trends to help small businesses succeed, covering a wide range of topics that include business planning, financing, technology, marketing, and the increasingly important role of artificial intelligence (AI) in business operations. In fact, according to BizBuySell's most recent Insight Report survey, over one-third of small business owners (35.16%) indicated that they are already using AI in their operations. Additionally, the SBA will recognize outstanding accomplishments in the small business sector for companies and business leaders in all 50 states with awards.
Small Businesses Remain Optimistic Amid Challenges
Despite facing headwinds from inflation and rising labor costs, small businesses remain optimistic about the future. According to the Insight Report, businesses sold on BizBuySell in 2024 have reported a 3% drop in both median revenue and median cash flow compared to the previous year. That said, when small business owners were asked about their expectations for the most profitable year, 40.68% of survey respondents to the BizBuySell Insight Report chose 2024, demonstrating their optimism. Despite these challenges, the business-for-sale marketplace is expected to remain active throughout 2024, as entrepreneurs seek out opportunities.
The SBA’s Role in Supporting Small Businesses
National Small Business Week is a time to recognize the important role small businesses play in our economy. The Small Business Administration (SBA) provides a platform for promoting and supporting the growth and success of businesses through recognition, education, networking, and financing. For entrepreneurs looking to purchase a business, there are various financing options available, including SBA loans. Business buyers can use a combination of financing methods to fund their acquisition, tailoring the approach to their specific needs and circumstances. To gain insight into SBA loans for buying a business, prospective buyers can refer to resources like SBA Loans 101 or connect with an experienced SBA lender for personalized guidance. As small businesses continue to navigate challenges and seize opportunities in 2024, the support and resources provided by the SBA and events like National Small Business Week will remain invaluable in fostering entrepreneurship and driving economic growth.