We often hear people described as being a “successful business owner” but the way we define success in business varies greatly depending on perspective.
Does success simply mean staying open for business? Is revenue the best measure? Gross revenue or net revenue? Good margins for the industry? How about value to the community? Is the product or service needed locally? How is the business rated by customers?
Regardless of the factors we associate with success, two-thirds of the jobs, and just under half of the Gross Domestic Product (GDP) of the United States of America is created by small businesses.
When small businesses exist:
- Local workers are employed by those businesses thus reducing unemployment and employee money goes directly into the community.
- The increased need for qualified employees creates more opportunities across the job market thus attracting a larger workforce.
- The taxes paid by the business and by their employees contribute to the local government’s budget and can be used to improve services and infrastructure.
- The local community does not need to travel as far to find the goods and services they need nor do products or service providers need to travel as far to reach their customers. This saves resources, reduces traffic and is good for the environment.
- New industries are attracted, and a sense of place is established.
- People are attracted to a great place live and the community grows and thrives.
When small businesses cease to exist:
- Local workers lose employment, unemployment increases, and the community has less money in it.
- Qualified employees have fewer options.
- The local government has decreasing tax revenue and may need to increase the tax burden on a fewer number of existing businesses thus compounding the problem.
- The local community must find goods and services further away causing traffic, resource expenditure, and negative impact on the environment.
- Other businesses must think twice about investing in a community where businesses fail and the sense of place dissolves.
- People avoid this kind of place, and the community struggles.
Partnership Grand Strand is interviewing owners, executives, and general managers of small businesses in person across our communities to document firsthand accounts of your experience and gain your perspectives on your business and your community.
- We are searching for common problems that small businesses face. What can local government and other members of the community do to create opportunity and reduce roadblocks for small business?
- We are searching for inspiration, innovation, and growth potential. Who are the small businesses that are making a difference?
Please schedule your interview with Partnership Grand Strand at your place of business today or refer us to a business that we should meet.
We will follow up and provide you with the opportunity to tell your story and contribute to your community in a new and unique way!
Also – Please find us at www.PartnershipGrandStrand.com and follow Partnership Grand Strand on Facebook! We will be letting you know who we are talking to. Let’s celebrate progress and success together as a small business and entrepreneurial community!