Small businesses embody the spirit of entrepreneurship, but what some people don’t know is just how much they help their local economies function. Here are a few ways small businesses make your community great.
Small businesses comprise a total of 99.7% of all employer firms, a significant number when considering that small businesses operate with 500 employees or less. In fact, small businesses account for 64% of all new jobs in the United States, proving just how valuable they are to not just local economies, but the economy nationwide.
A small business has the opportunity to innovate and work alongside customers far more than larger-scale corporations. Thanks to their direct line of communication with consumers, small businesses are able to implement and test new products, services, and more, in order to best serve their community.
Small businesses are oftentimes more in tune with changing economic climates and are better able to cater their pricing and products to their customers. As a result, customers who shop at small businesses tend to be more loyal. This ensures that in times of an economic downturn small businesses will continue to be supported by the community.
Keeping Money Local
Perhaps the best thing about small businesses is that they typically work alongside other local small businesses, keeping the money within the community and stimulating the local economy. When a small business succeeds it means more local tax money which directly improves schools and other core features of the community.
When you give back to small businesses you give back to your community, your neighbors, and yourself!