Small businesses in Idaho are starting to see a rebound according to a survey by Gravity Payments. CEO Dan Price did an in-depth interview with on the current trends with Michelle Edmonds.
Price is known for taking a million dollar pay cut to give all his employees a minimum wage of at least $70,000. Gravity Payments processes credit cards for thousands of small businesses in Idaho and Price says trends are looking up.
"We have seen a 55 percent decline at the bottom. The good news is, and I hesitate to call it good news because it's just a little bit less bad, now Idaho is only down by 45 percent," said Price. "So we have seen an increase in business of that 10 percent. And even just last week there was a 5% improvement just in the past week. So we are seeing the beginnings of a comeback in Idaho."
Gravity Payments has offices in Seattle and Boise. Price says they were losing 1.5 million dollars a month because of the COVID-19 pandemic.
"So what we did was rally behind as team was if we could get our small businesses to recover than we will be okay too," said Price. "We will make it as well. And if we can't get our small businesses to recover than the whole function we perform won't really matter any more. So helping our Idaho businesses recover is the top priority."
Price gives plenty of advice to small businesses owners during our Rebound Idaho interview, including what to do right now to grow your bottom line quickly. You can watch the full interview below.