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Businesses fear recession; development center expands resources to help owners succeed

Crystal Graham
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(© olezzo – stock.adobe.com)

Business owners are as worried as ever about the economy and the impact it will have on their businesses, according to two recent surveys of America’s small businesses.

In response to the economic concerns and needs specific to Shenandoah Valley small businesses, the Shenandoah Valley Small Business Development Center has assembled a group of local professional service providers to help expand access to the advice and resources businesses need to succeed.

Goldman Sachs small business survey results

(Released in September 2022)

  • 90 percent  of respondents feel that economic issues have had a negative impact on their business.
  • When asked if the country is currently in a recession, 43 percent said yes.
  • For those that didn’t believe we are currently in a recession, 62 percent believe it will happen within six months.

In the small urban population centers and rural areas that make up the Shenandoah Valley, business owners can face unique challenges their counterparts in more populated centers do not.

SCORE survey results

(Released in September 2022)

  • More than half (53 percent) of entrepreneurs surveyed say they feel somewhat or extremely negative about the economy and its impact on their business.
  • The study cites several barriers to sustainability and growth that may impact small businesses in less populated urban centers more severely than their counterparts in more populated regions.
  • Some of those difficulties include limited access to capital and technology, smaller labor pools, and increased impacts from inflation and supply chain disruptions because of location.

Advisory council

The SV SBDC advisory council was formed in to facilitate and grow stronger connections between small businesses and the professional resources available in the region.

The advisory council is made up of participating investors from the region’s banking, insurance, accounting and legal industries.

Advisory council investors provide volunteer advising and enhanced services in their fields of expertise to SV SBDC clients, as well as professional development and collaborative input opportunities to SV SBDC advisors.

“We are very excited to bring SBDC clients and our team of business advisors a new level of connectivity with professional experts. By exchanging up-to-date information about what businesses need and the professional services available to meet those needs, the advisory council creates a targeted and accessible network to help boost resiliency and growth,” said Joyce Krech, SV SBDC director.

The advisory council currently includes representatives from:

  • F&M Bank
  • Atlantic Union Bank
  • Blue Ridge Bank
  • BotkinRose PLC – Attorneys at Law
  • BrownEdwards – Certified Public Accountants
  • PBMares – CPAs and Consultants
  • Valley Marvel Tax & Accounting Services
  • Clark & Bradshaw Attorneys at Law
  • LD&B Insurance and Financial Services

Atlantic Union Bank “supports the Shenandoah Valley SBDC as they provide critical counseling, business plan assistance, and other resources that help our business customers and prospects be better prepared when they come to the Bank seeking a banking relationship and financial solutions,” said Josiah M. Rider, business branch manager at Atlantic Union Bank.

Business resiliency efforts

  • The advisory council is one of several business resiliency-building programs the SV SBDC has recently contributed leadership and resources to develop.
  • The organization was a key partner in Virginia SBDC’s inaugural Food and Beverage Accelerator Program held in 2021
  • It has collaborated with Laural Ridge SBDC to lead two rounds of Small Business Resiliency Team deployments to provide expanded business support services and technical assistance in the areas of e-commerce, marketing, finance and operational efficiencies to Shenandoah Valley businesses
  • It is a primary partner in the Black- and Brown-owned Business Growth Program that delivers business support to underserved members of the community with the goal of increasing business acumen, building business networks and distributing grant money to invest in their businesses.

For more information, contact Joyce Krech, at (540) 568-3227 or [email protected] or Allison Dugan at (540) 568-3227 or [email protected].

Crystal Graham

Crystal Graham

Crystal Abbe Graham is the regional editor of Augusta Free Press. A 1999 graduate of Virginia Tech, she has worked for 25 years as a reporter and editor for several Virginia publications, written a book, and garnered more than a dozen Virginia Press Association awards for writing and graphic design. She was the co-host of "Viewpoints," a weekly TV news show, and co-host of Virginia Tonight, a nightly TV news show on PBS. Her work on "Virginia Tonight" earned her a national Telly award for excellence in television.