Mural by Luke Buchanan, Raleigh, North Carolina
It’s a bit bumpy lately, right?
While we’re all on this roller coaster, I want to remind you just how important your small business is. And, that you have some advantages that big business doesn’t have access to.
How many small businesses are there?
First, let’s stand up and applaud the fact that small businesses represent 90% of all businesses around the world, and 99% of all businesses in the United States. There are over 32 million strong in the US alone. So yah, your business may be considered small, but you’re part of something extraordinarily powerful.
1. Small business is critical to the local economy.
For your town and surrounding area to thrive, small businesses in that area need to be successful. When customers utilize the services of a small business, they’re giving back to the local community when the business pays their taxes, including local property tax. This money supports the local emergency response teams, schools and local projects that increase property value.
2. Small businesses employ local workers.
Small businesses are the only ones that can flex and serve a reduced local population. They hire employees who may not be hired by other larger businesses, and have the unique opportunity to create new roles that serve the company as well as prospective employees.
3. Small businesses are full of entrepreneurial spirit.
The innovators, entrepreneurs, and creative minds tend to seek out small businesses in which to lend their skills and talents. Why? Because a small business has more opportunity to be innovative and try new ideas – without the red tape of big business. Have a new strategy? You can implement it as soon as it’s ready without waiting for approval.
4. Small businesses can, you got it, pivot.
Need to adapt? No problem. Small businesses are customer oriented and have a unique understanding of the needs of their customers and community. This builds customer loyalty, so when there’s an economic downturn, small businesses can still thrive because they have a loyal customer base.
Your small business is bigger than you think. You’re increasing the local job market and revenue. You serve in a more personalized capacity. And we all need that right about now.
Stand tall and proud in your small business, and keep serving!
Spot on! Thank you for the timely reminder.
Thank you! I LOVE this community. I’m new to Profit First, but it’s the only time I’ve ever been able to “get it”. I look forward to my business growing and being able to serve my community and the world at large!
Love it… we ARE the Backbone.
…there is NO question in my mind about that.
Many thanks for your weekly encouragement. Always right on at the right time. Thanks, Mike!
It made me think of the Spanish Armada – at the time the smart money was on giant galleons (ships) that were crossing the ocean and bringing wealth to the Spanish Empire from the New World. They were huge and impressive but expensive in cost, resources, and manpower, and were very hard to manœuvre.
When the Spanish Empire went to war against tiny England, England didn’t have the money, time, or the resources to build giant galleons, so they built what they were good at – cheaper, smaller, faster, more agile ships that could also make the trip around the world (Sir Francis Drake had just done it) with a small crew.
The English beat the Spanish with those little ships – and went on to become the naval world superpower for the next three hundred years.
16th century European History Monday morning for $200 Alex!
As business owners we are job creators, product/service providers, tax payers, and dream makers (for our employees, our customers, and ourselves). What’s better than that?
Thanks, Mike, for ALWAYS championing small business ownership!!
Annette de Lancey