New survey data shows investing in procurement is a top priority for small businesses and that many small businesses are exploring how best to adopt artificial intelligence technologies in 2024
Amazon Business launches Small Business Success Studio,an on-demand collection of immersive educational resources to help small businesses grow
Eligible small businesses can apply by May 24 for the company's Small Business Grants program, which provides the chance to win monetary grants and other prizes
Amazon Business (NASDAQ: AMZN), the company’s business-to-business procurement store, today kicked off its third annual Small Business Month to help support the growth of small businesses in the U.S. This year, Small Business Month includes an exciting and interactive new online resource center called Small Business Success Studio [https://business.amazon.com/studio]. The studio provides small businesses with free online educational tools and resources to start, run, and grow their business. As part of Small Business Month, Amazon Business also launched the 2024 Small Business Grants program that gives eligible small businesses in the U.S. the chance to win over $250,000 in monetary grants.
According to a recent survey of small-business decision-makers across the United States, the top three challenges small-business decision-makers say are keeping them up at night are high inflation (50%), high operations/labor costs (42%), and supply chain distribution (41%). While contending with these macroeconomic challenges, small business owners remain optimistic, with 93% feeling hopeful about the state of the economy.
Small businesses are also looking for new ways to grow their business. They see increasing their procurement budget (65%) and investing in procurement (75%), especially procurement tools (49%), are ways to do so. While these play a key role in scaling their business, more than two-thirds (68%) of business owners surveyed feel that there is room for optimization in their procurement operations and half are worried that if they don't adopt artificial intelligence technologies in 2024, their business will fall behind.
“Driving education and getting funds to small businesses who are driving impact in their local communities is something we’re very passionate about at Amazon Business,” said Shelley Salomon, vice president of Amazon Business Worldwide. “Setting these small businesses up for success, whether through grants, educational opportunities, or the innovative tools Amazon Business offers to simplify buying decisions, our hope is to help free up some time and resources so they can focus on their mission.”
Small Business Success Studio
Launched today, the Small Business Success Studio is a new on-demand, immersive online educational resource for all entrepreneurs eager to start, grow, and/or scale their businesses—provided by Amazon Business at no cost. Packing essential know-how across finance, marketing, procurement, and operations into easy-to-digest content, the Studio features real success stories and practical tips from seasoned founders like Allison Ellsworth of poppi. Users gain access to peer insights and learn how to use Amazon Business to simplify the procurement experience and gain operational efficiencies, saving both time and money. Aimed at being a strategic partner for growth, the Studio supports small business owners at every step of their journey, fueling inspiration, education, and community.
Small Business Grants Program
To further support the growth of small businesses, Amazon Business launched the 2024 Small Business Grants program, designed to spur innovation and support the growth of small businesses that are driving impact in their local communities. This year, Amazon Business is giving eligible small businesses in the U.S. the chance to win over $250,000 in grants, with one grand prize winner, 4 finalists, and 10 semi-finalists. Existing Amazon Business customers with an annual revenue of $1 million or less can apply for the grant. Grant recipients will receive one year of free Business Prime membership, Amazon Devices, and Amazon Basics products. Applications are due by May 24, 2024 and winners will be announced on July 22, 2024. For additional information and to apply, visit www.amazon.com/smallbusinessgrant.
GiftAMeal, based in St. Louis, Missouri, was the 2023 grand prize winner, receiving $25,000 to invest into its business. The business donates a meal to a family in need each time a guest takes a photo of their order from a partner restaurant. Each month, over 40,000 meals are provided through 70 local food banks in 35 states. GiftAMeal used the 2023 grant to fuel their nationwide expansion, empowering them to reach new communities and make a greater impact.
“We could not be more appreciative for this recognition,” said Andrew Glantz, founder and CEO of GiftAMeal. “The Amazon Business grant allowed us to continue to serve underrepresented communities and provide meals to people who need it the most.”
Amazon Business is dedicated to equipping its 6 million and growing business customers, ranging from sole proprietors to multinational enterprises, with smart business buying tools that can help reshape organizational processes, fortify procurement efforts, and ultimately, ensure procurement is better prepared for the unpredictable. Amazon Business is committed to the growth of small businesses and invests in education, grants, and tools to help them overcome challenges they face, and free up time and resources to focus on their mission and customers. To learn about the 2023 grant winners and how they used their awards, visit the 2023 recipients page.
Survey methodology
450-500 small-business decision-makers in the U.S. were asked about their online purchasing patterns, the challenges and opportunities impacting purchasing processes, and the broader landscape for small businesses. All respondents are 18 years or older, work at a business making $25 million or less in annual revenue, and with 20-100 employees. The survey was executed by Morning Consult, between March 20 – April 12, 2024.
About Amazon Business
Amazon Business helps millions of customers worldwide—from small businesses, schools, hospitals, nonprofits, and government agencies to large enterprises with global operations — reshape their procurement with cost and time savings, greater productivity, and insightful purchasing analytics. Procurement and business leaders enjoy convenient shipping options on hundreds of millions of supplies across categories like office, IT, janitorial, food service, and professional medical supplies. Customers also have access to a variety of business-tailored features and benefits, including a curated site experience, Business Prime, business-only pricing and selection, single or multi-user business accounts, approvals workflow, purchasing system integrations, payment solutions, tax exemptions, and dedicated customer support. Amazon Business is available in the United States, Canada, Mexico, the United Kingdom, Germany, France, Italy, Spain, Japan, and India. For more information, visit business.amazon.com, www.amazonbusinessblog.com, and @AmazonBusiness.
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