Thursday, February 17, 2022

“Game”-Changing Impact on Small Businesses

With “The Big Game” (sorry, but I don’t want to get a cease and desist letter from the NFL because of this post) now in the rearview mirror, many small businesses – some of which are in industries most negatively affected by COVID-19 – may have just received a much-needed boost.

Take, for example, the economic impact on small businesses in the County of Los Angeles and the City of Inglewood – the host of said game. Prior to the big game, the host committee hired Micronomics Economic Research and Consulting to analyze the potential economic impact of the game in the Los Angeles region. The consulting firm’s 60-page report, published in October 2021, forecasted that, based on conservative estimates of visitors, hotel rates and daytime spending, the game at SoFi Stadium would bring in approximately $234 – 477 million in economic benefits to the LA region, and would result in the creation of approximately 2,200 – 4,700 new jobs in the LA region. Unsurprisingly, the transportation, hotels and motels, personal care services, and full and limited-service restaurants industries were expected to receive most of these economic gains. The consulting firm also predicted that Los Angeles county would realize many qualitative benefits, including national and global exposure that would affect economic activity in the short and long-term.

Of course, the actual economic impact of the game on the Los Angeles region is still to be determined, and likely won’t be determined for several weeks. However, these pre-game estimates predicted a significant positive impact on small businesses in the region, many of which were in the throes of significant pandemic hardship.

As another example of the positive impact of the game on small businesses, the NFL and its partners made efforts to inspire positive change in communities surrounding Los Angeles through charity and community service events. For example, the Business Connect Program, the NFL’s diversity initiative, identified and supported 225 regional minority, woman, LGBTQ+, and veteran-owned businesses (26 of which were in Inglewood) through professional development, networking, and contract opportunities and beyond.

Additionally, in connection with the game, QuickBooks and Mailchimp teamed up with the Los Angeles Rams to provide three small business with a $25,000 grant and free one-year subscriptions to QuickBooks Online and Mailchimp. The three small businesses selected for such grants were Glow + Flow Beauty Supply, South LA Cafe and Burn Cycling, each based around the city of Inglewood. During the game, QuickBooks and Mailchimp also unveiled a 30-second add dedicated to celebrating entrepreneurial spirit and inspiring new entrepreneurs watching the game.

Of course, not only the Los Angeles region was positively impacted. Although more difficult to quantify, it’s likely the Cincinnati region – home to runner-up Cincinnati Bengals – also saw significant economic benefits from the big game, through additional spending, foot traffic and publicity to the region caused by the big game.

Whether or not you were happy with the results (and/or commercials) of the big game, I think we can all be happy for the many small businesses that received a game-changing impact as result of it.

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