Small and mid-sized businesses (SMBs) are the engines that fuel local economies, but unfortunately, they are among the hardest hit by the fallout from COVID-19.
A poll by the U.S. Chamber of Commerce and MetLife in May revealed that one in five small businesses is at risk of closing permanently within two months or less. The cost of these closures is not just borne by entrepreneurs who sacrifice so much to build their dreams, but by the larger workforce. According to the Small Business and Entrepreneurship Council and others, SMBs employ the majority of workers in countries such as the United States.
We have never forgotten that SAP Concur began as a small startup and we have always maintained a strong partnership with SMBs. That’s why it was a natural for us, as part of the SAP family – and longtime business partners of American Express – to join their “Stand for Small” initiative.
Stand for Small provides support for small businesses in the United States through valuable services, offers, and access to expertise from leading solutions providers – a roster of brand-names that only an organization such as American Express can assemble.
We’ve had a long and productive partnership with American Express, which can always be counted on to provide world-class services to SMBs and larger businesses. Through Stand for Small, we are providing rotating content and free trial offers for products including Concur Expense and Concur Invoice to help SMBs get real-time visibility into discretionary spending and automate invoice process, saving time and money.
Small and mid-sized businesses are the lifeblood of our economy, and we know cash flow is always top of mind. They have a natural resiliency and optimism, and one of our jobs is to help ensure this mentality stays intact despite strong headwinds. As the leader of our SMB division at SAP Concur, I’m particularly proud of the work we’re doing with American Express to help keep SMBs moving forward, no matter what they may face.
This contribution, through Stand for Small, is one of many ways our teams are reaching out to the SMB community. We developed an on-demand webinar for SMBs about how to use their existing financial data to analyze spend, cash flow, and develop strategies for cost savings. We created training sessions to help our customers manage their SAP Concur solution in the shifting, increasingly work-from-home environment. And on May 22, we were a title sponsor of the CovAID Business Festival, a free, two-day virtual event, to provide entrepreneurs with the tools and training necessary to succeed during these unprecedented times.
It’s a privilege to have the opportunity to assist our thousands of SMB customers, and the broader SMB community. Together, we will overcome today’s challenges – and come back even stronger tomorrow.
Learn more about SAP Stand for Small time-limited, discounted offers to manage your business, improve your decision making and empower your people.