Competing in a Changing Economy: The BNP Small Business Industry Leaders Forum
June 1, 2023
The numbers tell the story. For every $1 spent at a small business, 67 cents stay in the local community. As 98% of all New York State businesses are small businesses and over 26,000 are operating in Western New York, it is impossible to overstate the importance of shopping locally. Small business owners are facing constant and complicated challenges, ranging from staffing shortages to rising costs. On May 18, the BNP convened the first Small Business Industry Leaders Forum (ILF) to explore shared strategies and to discuss how the sector can compete in a changing economy and shifting talent market.
We were joined by Ashley Ranslow, New York State Director for the National Federation of Independent Business (NFIB) for an update on New York state legislation that impacts small business. As a nonprofit and nonpartisan organization, the NFIB advocates for America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. We are proud to have NFIB as a strategic partner of the Small Business ILF and you can learn more about its extensive advocacy work here.
Small businesses are severely short-staffed, impacting hours of operation and the ability to stay open at all. The BNP’s Employ Buffalo Niagara helps employers create sustainable solutions for barriers to employment, upskilling low-wage earners and helping job seekers find success. Kenya Hobbs, BNP’s Director of Director of Community Engagement & Equity Initiatives gave the ILF a presentation on the Benefits Cliff Calculator, a free, simple tool that will do the math for you to calculate an individual’s Benefits Cliff. Learn more here.
The meeting also featured information on initiatives and organizations offering assistance to small businesses including BNP’s SizeUpWNY, the WNY Be In Business Initiative, Independent Health, the WNY Chamber Alliance, the Bonadio Group and Harris Beach, PLLC.
The Small Business ILF is one of nine created to discuss the status of business in the sector by sharing data and plans for the year and beyond. Learn more about the new BNP Industry Leaders Forum here.
The BNP Energy & Telecommunications Industry Leaders Forum (ILF) came together on September 14 to discuss the future of the sector in the wake of evolving government regulations and consumer trends
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Building a positive visitor experience is a cornerstone of the Buffalo Niagara economy. Visitors to Western New York generated $2.7 billion in spending in 2021, according to an Oxford Economics Company report. Now more than ever, our hospitality and tourism sector is essential to the region’s success.
There’s a growing recognition that societal and socioeconomic factors affect the health of individuals. Known as Social Determinants of Health, these factors influence health outcomes, such as socioeconomic status, education, neighborhood and physical environment, employment, and access to health care. T