Small Business Owners Are Going to Capitol Hill

June 9th through the 11th, the largest ever virtual gathering of U.S. small business owners will be happening on Capitol Hill. Over 2,000 business owners will advocate for policies to help their businesses succeed, an effort made even more crucial by the current economic crisis caused by COVID-19. We are all alumni of the Goldman Sachs 10,000 Small Businesses program. I graduated from the program in May of 2017 as part of the national cohort which took place at Babson College in Boston, Massachusetts. It was the most rigorous business training I've ever been a part of. We spent two weeks at the Executive Education center at Babson College, the leading private entrepreneurial college in the country and 10 weeks in the middle working and studying 16 to 20 hours a week, while we ran our businesses.

This diverse and inclusive program attracts business owners from all over the country in every sector. It is funded by Goldman Sachs. The purpose of the program is to strengthen small businesses so we become job creators and create economic opportunities for all.

Over the last decade, Goldman Sachs 10,000 Small Businesses has served 9,700 small business owners across all 50 states, Puerto Rico, and Washington D.C. Participating businesses show tremendous growth upon graduating, surpassing national averages. The program has a 99% graduation rate. Prior to the COVID-19 crisis, alumni collectively represented $12 billion in revenues ad employed 175,000 people. 44% of alumni businesses are family-owned and 66% are minority and women-owned businesses.

As a team captain on Capitol Hill, I will be in charge of opening the meetings and helping guide the conversations we have with our legislators. Half of the Wisconsin team has been significantly affected by COVID-19. The other half is pivoting and making it work. Either way, we're all wading through the waters of uncertainty like never before.

When Goldman Sachs Voices program invited us to participate, I was still in the throes of trying to figure all of this out. As someone who also works closely with organizations who lobby Congress, I realized I had never before actually done so myself. So I volunteered to go to Capitol Hill and then was selected to be a team captain.

This is a very well organized initiative. Participants will also attend programming on topics such as adapting to a new operating environment, preparing for a phased re-opening, and the disproportionate impact of COVID-19 on black communities. 

Thankfully, some of what was originally on our agenda passed the legislature within the last week. There's still much more to be done but we're definitely on their radar as vital to the economy.

Small businesses still face tremendous challenges. Based on research that was conducted in May, we anticipate that only 63% of revenues will return and 71% of customers will return. Still, we do tend to be a tenacious and resilient bunch. The Goldman Sachs 10,000 Small Business Alumni have the added advantage of going through rigorous training within the last decade and from the best thought leaders and professors in America. More than that though, we have each other to encourage and support one another and our peers through this time.

I'll let you know how it goes on the other side. If you want to follow us, we're using the hashtag #makesmallbig!

Laura Gallagher is the President of The Creative Company, a public relations and marketing firm in Madison, Wisconsin. She is the 2019 SBA's Women in Business Champion of the Year and is one of 100 women to be recognized by the State of Wisconsin and the Governor as a Trailblazer. You can also purchase her book “#180in120 - How to Recharge Your Business in 120 Days” on Amazon and at 180in120.com. She is certified in Crisis Communications from the Public Relations Society of America and is a 2017 Graduate of the Babson College Executive Entrepreneurship Program 10KSB.