On this morning’s WJR Business Beat, Jeff discusses the recently released Small Business Recovery Report conducted by Kabbage, an American Express Company. When asked which milestone would best indicate their business has recovered from the pandemic, the number one response of those surveyed was paying their employees their full wages.
Tune in to the Business Beat, below, to learn more about the Small Business Recovery Report’s findings:
“It certainly is telling that small businesses hold the well-being of their employees higher than acquiring new business and even higher than their own personal income.”
– Jeff Sloan
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Good morning, Paul.
You know, there’s something really special about the character and nature of an entrepreneur. I mean, sure, they’re gutsy and tough and tenacious and resilient, but there’s more to the story than just that. You see, I find that small businesses always put their employees first, even above themselves.
In fact, a recent study of small businesses known as the Small Business Recovery Report conducted by Kabbage, an American Express Company, provided data that once again shows the importance of small business operators to take care of their employees. When asked which milestones would best indicate that their businesses have recovered from the pandemic, the number one response was paying their employees their full wages.
Now, this was closely followed by business leaders paying themselves their pre-pandemic salaries, reaching the same levels of gross revenue and total daily transactions as before the pandemic came in as the third highest concern and reaching greater levels of customer demand and new inbound business came in next.
Now, while all of these are intrinsically tied to revenue, it certainly is telling that small businesses hold the well-being of their employees higher than acquiring new business and even higher than their own personal income.
In many ways, I find this amazing Paul, but certainly not surprising. It’s reassuring to know how much small businesses care about their employees.
Now it’s critically important because small businesses provide the majority of jobs in America. And it’s heartening to see the results of this study with an emphasis on caring for the employees who work so hard to earn their wages and to help you grow your small businesses.
Let’s all appreciate the hard work that our employees do, and let’s recognize entrepreneurs for their great character and their desire to put their employees first.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.