Top thought leaders, policymakers, and entrepreneurs gathered on Zoom last Friday to discuss the future of small business. And the overall tone of the first-ever Forbes 2020 Small Business Summit was urgent – and dare I say hopeful – as they reflected on the pandemic’s impact so far.

1. Presentation Title

2. Consumers are becoming increasingly selective on which companies
they support – favoring ones that align with their values.
But they’re also increasingly selective on which companies they
support – favoring ones that align with their values. Meaning, now
more than ever, you need to share your company (and personal)
values.
Actively share your company values1
“People right
now are really
paying
attention to
where they
spend their
money,”
Lauren Cooks
Levitan, Faire
CEO
Quick take: At the bare minimum, share your lived
experiences, values, and social impact initiatives on your
website.

3. Make sure everyone has a seat at the table
For local economies to thrive, we need our business
community to reflect the community itself. And that
starts by making entrepreneurship more inclusive.
Regardless of your industry, there are plenty of
diverse candidates with the skill sets and experience
your business needs. And rather than taking the
closest or first-available candidate, you need to fill
your pipeline with diversity.
Quick take: Diversify your pipeline with top candidates from all walks of life. (And create
an equitable compensation program to start building intergenerational wealth.)
2

4. Throughout the pandemic, the PPP program has
failed to support much of Mainstreet America.
Square became an SMB lender amid
COVID (averaging $11,000 per loan to primarily single
sole proprietor businesses). And simultaneously, they
have changed lending from a transactional event into
one that happens in context. AKA unlocking access
for more people to secure financing.
Look for alternative funding opportunities3
Quick take: Companies like Square and Facebook provide alternative avenues
to secure capital.

5. Double down on technology
When SMBs embrace digital tools, they perform 4 times better
overall. And online sales platforms like Etsy and eBay provide a
low barrier of entry way to stay in business while social
distancing.
By leveraging these platforms, you can continue to serve your
customers as well as reach a wider audience.
Use Finale Inventory to track what you have in-stock and where,
and Trainual to keep your team aligned and accountable.
4
Quick take: Focus on adopting technology that will provide an immediate return and be a solid
long-term investment. For example, an inventory manager and training software.

6. Small businesses don’t have the added weight that comes with size. So when they see what’s
working or what’s missing, they can quickly shift to meet new demands and lifestyles.
Square used a combination of public and private data to real-time industry insights across
geographies. While venture capital and government funding often relied on data that was already
out of date.
All signs point to SMBs coming out stronger than ever5
Quick take: “The playing field, at this point, is being leveled,” said Lauren Stovall,
Legacy Preserver at Hot Sam’s Detroit. “And small businesses need not despise
that. We’re bigger than we think.”
Hot Sam’s Detroit, a suit shop in Detroit, added Zoom meeting
appropriate loungewear to their inventory seemingly overnight as
people transitioned to working from home. Meanwhile, larger operations
like Men’s Wearhouse have filed for bankruptcy.