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Why companies are losing the culture wars

Why companies are losing the culture wars

Over the last decade, we’ve gotten used to seeing some of the world’s largest companies weighing in on hot-button social and political issues.

Following George Floyd’s murder by a Minneapolis police officer, large numbers of big multinationals expressed support for the Black Lives Matter movement. Nike drew ire from conservatives who demanded Colin Kaepernick be blacklisted over his protest of racial injustice. Last April, Republicans vowed retribution against Major League Baseball over its decision to move its All-Star game from Atlanta to Denver in protest of Georgia’s restrictive new voting law. And in the summer, Heineken sparked a boycott when it came out in favor of the highly controversial *checks notes* Covid vaccines.

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Why big business should help small business - and how
Why Big Business Should Help Small Business - And How | Business In 60 | GZERO Media

Why big business should help small business - and how

Kevin Sneader, Global Managing Partner at McKinsey & Company, provides perspective on what corporate business leaders are thinking during the global coronavirus crisis

Should big business care about small business in these times?

The answer is yes and for many reasons. First, small business is the lifeblood of our economies. 45% of employment in emerging countries and 70% in the OECD comes from small and medium enterprises. Moreover, these enterprises have been badly hit by the crisis. Surveys indicate as many as 50% of European small to medium enterprises feel they may not survive over 12 months. While SMEs are relying on government support, larger companies do have a role to play. After all, this includes prioritizing small business and procurement by locking in demand for multiple years, thus facilitating access to good credit, paying receivables to small business in time and where possible, ahead of schedule. Cash flow matters most when you're small. Looking out for small businesses that have lower resilience. For example, financial institutions can lend more and in doing so, ensure deeper customer relationships in the future.

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