Greater focus on SMEs

Toutou Marsden is the owner of Dell-Lea Weddings & Events in Chichester.

As the owner of a wedding and event company, the pandemic has brought some of the most difficult days of my life. But even when the event comes back, we’re still tackling serious challenges, such as rising costs to do business and supply chain issues that threaten the success of our daily business.

All entrepreneurs are tested for the life of the company, but the challenges that affect female business owners disproportionately grow only during tough times. According to a previous Goldman Sachs survey, 48% of women-owned SMEs are financially struggling compared to 39% of men.

Today, problems such as inflation, labor shortages and supply chain issues make women’s success difficult, especially due to ongoing gender inequality. A new survey of 10,000 small business graduates from Goldman Sachs’ business education program recently found that 78% of small business owners say the economy has deteriorated in the last three months. We also found that 93% were concerned that the US economy would be in recession in the next 12 months.

But there is some good news —

65 percent say they are optimistic about the financial trajectory of this year’s business.

The future may be daunting, but I know that female entrepreneurs represent hope for the economy.

When I moved to the United States at the age of five, I soon realized the image of a classic American dream. Starting a small business became my goal early on. Being an entrepreneur defines your financial future and has a lasting impact on your community. As an immigrant from Laos, I’ve been lucky to spend this dream with my family since opening Dell-Lea Wedding & Events in 2016.

Entrepreneurs can creatively avoid economic headwinds, but they require external intervention and investment to enable women-owned SMEs to withstand future challenges.

Government initiatives such as paycheck protection programs and financial injury and disaster loans have been lifelines for many. For me, 10,000 Goldman Sachs SMEs have prepared my company for the future. Through a personal journey through the program and a new network of other business owners, I was able to maintain my business during the pandemic.

I have been able to overcome the challenges facing both SMEs and women, but there is still more work to be done for other women and migrants across the country. We must listen to our business as it is the key to regional and national economic recovery.

To achieve that goal, the government and the private sector must work together to find a solution. That’s why more than 2,500 entrepreneurs will attend the Goldman Sachs 10,000 Small Business Summit in Washington, DC this week. This event is the largest gathering of small businesses, a community I’m proud to attend.

What I keep in mind is to ensure that the government fulfills its promise from banking institutions to offer financial grants and low interest rate loans to more women and minority-owned SMEs. is. Governments also need to strengthen and strengthen policies and programs designed to support small business employers and employees with affordable housing. We also need to confirm the modernization of the US Small and Medium Business Administration (SBA), which has not been reapproved since 2000.

Despite known and unknown obstacles, I am encouraged by my fellow female entrepreneurs who continue to move forward. Remember that the ability to pivot is at the forefront of innovation.

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