We came across this cool data somewhere out on the web. The data underlying the visualization looks at the trend lines for small business revenues since January 2020. This page from the website Opportunity Insights is quite interesting. From what we can tell, Opportunity Insights is a not-for-profit, non-partisan entity that is located at Harvard University that “seeks to translate insights from rigorous, scientific research to a policy change by harnessing the power of ‘big data’ using an interdisciplinary approach.”
There are plenty of data inside of what they call Tracktherecovery.org. The screenshot below offers an example of the kind of data that’s available. We note that the source of the Small Business data is Womply.com – a company that’s been super aggressive in helping the small business community navigate the pandemic crisis. According to the data, the overall number of small businesses has declined 33% since January 2020. You can also see that same data by zip code.
There’s a lot of data to explore on the site. We will try and dig deeper into what’s available and relevant to the Localogy ecosystem. For the time being, however, this data tells us where the declines in small businesses are most pronounced. The logical next question to consider is how this data can be used by SaaS companies in their go-to-market planning. Do the cities that show the greatest decline in small businesses offers more opportunities for SaaS companies?
And what will the competitive dynamics in those cities mean for the adoption of leading-edge technologies? In those cities where there have been the largest declines, do those that remain in business see new technology as a means of delivering great customer experiences in the face of increasing customer demands? Can new technologies help them find well-trained, experienced employees? With added demand and fewer competitors, they will be stretched even thinner than they already are.
We don’t have all the answers. One thing is definitely clear, however. We’re in as interesting a period of small business evolution as we’ve ever seen as the economy shifts out of pandemic mode. Buckle your seatbelts.