January 6, 2020
By: Mary Miller
Contributing Editor, Main Street Monday
Main Street Monday – The Power of Small Business
According to the SBA, small businesses were responsible for more than 65% of net new job creation in this country between 2000 and 2017, they accounted for 99.7% of businesses with paid employees, and represented more than one-third of reported U.S. exporting value.
The power of small businesses in this country extends even further than impressive economic and employment statistics. Here’s how:
Building Strong Community Economies
“Today’s small business owner is not only concerned with their personal success, but the success of their team and their communities,” says Leslie Hassler, a small business scaling strategist.
Small businesses are the backbone of strength and economic development in their local communities. According to the AMEX 2018 Small Business Economic Impact Study, approximately 67% of every dollar spent at a small business goes back to the local community
Big Business Influencers
Large businesses stand to gain invaluable insights by watching and learning from small businesses. Due to their size, small businesses can be more flexible, innovative and able to implement new technologies and processes faster and easier than their larger counterparts.
“Smaller companies are able to more easily create workplace cultures and work-life integration programs that employees today are looking for,” says Angelique Rewers, CEO of The Corporate Agent. “But I would argue this is good for big businesses, because it’s pushing them to do better on diversity, leadership programs, wellness and more.”
Small Business Advantages
Small businesses are a key element in the U.S. economy. By continuing to use their size and resources to their advantage, they can continue to thrive in today’s ever-changing marketplace.
“While all businesses must follow the law, some specific laws apply differently depending on the size of a business, usually with additional requirements for larger businesses compared to smaller businesses,” says Thibaud Clement, CEO of Loomly. “This is especially true when it comes to human resources, with specific responsibilities applying when a company grows over 20, 50 or 500 employees.”
In addition, small businesses tend to have strong community ties, they understand and address the needs of their customers, responding quickly to demands and with a more personalized touch.