Small Business Saturday takes place the weekend after Thanksgiving. The small business world’s response to the hubbub of Black Friday shopping, it’s a chance to shift attention from big box stores, back to the mom-and-pop shops that drive our communities. (And in case you were curious, those small businesses aren’t so small. In our hometown of Houston, small businesses make up 97% of our companies — and more than 50% of the city’s workforce.) As a small business ourselves, the BCH team wanted to take an opportunity to show our gratitude for other hardworking companies out there, and to offer a bit of insight aimed at helping to keep those businesses operating safely and effectively.
Small Businesses Are Big Job Generators
Nerdwallet notes that, between 2000 and 2019, small businesses brought in 10.5 million (or 65.1% of) new net jobs nationwide. (Talk about fueling growth!) Of course, while adding those jobs and people is always a good thing, it’s just as important to keep them on. Whether that means amping up benefits packages with new wellness options or taking other targeted steps to reduce turnover in today’s post-pandemic world, a little forethought can go a long way. (Our employee benefits experts are happy to help!)
Fraud Risks Are Prevalent Among Small and Large Businesses Alike
The Association of Certified Fraud Examiners states that small businesses account for 30% of fraud cases nationwide — and that they suffer the same median loss ($150,000!) as their larger counterparts. On top of all that? 60% of victims didn’t recover their losses. An all-encompassing risk management approach, paired with the right type of business insurance, can help you sidestep potential troubles and recover quickly, should a ransomware attack, unemployment fraud or similar event threaten your company.
Advance Planning Can Help Small Businesses Create Staying Power
As you’ve likely gathered from the above statistics, the data isn’t always encouraging in the small business world. Entrepreneur reports, for instance, that 20% of small businesses fail within the first year, and 30% by the end of the second. Understanding where a company’s potential liabilities are, however — and having the right protections and coverage locked in — can help keep a company on solid footing. Our Safeguarding Small Businesses sheet offers a helpful overview of the top 10 threats companies should watch out for.
At BCH, we’re big believers in being there when it matters. This Small Business Saturday (and all year long) we’re proud to provide trusted business insurance, risk management and employee benefits support to companies of all sizes. If you have questions, or if there’s any other way we can assist, feel free to reach out. Our team is happy to help!