In the previous article, the emphasis was on the significant role small businesses play in the community. Now, with insights from Jim Granat, a Forbes Council Member, let’s explore three key economic impacts that these businesses bring to the local economies.
Job Creation
While it might seem obvious, the importance of job creation by small businesses cannot be overstated. These businesses hire friends, neighbors, and even those who may not have the most stellar resumes but have earned a solid reputation in the community. As Business News Daily highlights, this local trust often opens doors that larger corporations might overlook.
Economic Growth
Small businesses do more than just grow themselves—they actively fuel local economies. According to Business News Daily, they circulate three times more money back into the community compared to large chain businesses. How? Unlike big corporations, small businesses typically rely on local professionals for essential services such as legal, accounting, and maintenance. This reliance keeps money circulating within the community, fostering a vibrant local economy.
Innovation
Small businesses are often more agile and innovative than their larger counterparts. Whether responding to customer needs or navigating supply chain challenges, they can pivot quickly and implement changes with minimal red tape. This flexibility not only meets the needs of their customers but also drives innovation in the market.
So, how can you support a small business today?
Read this Forbes article and this Business News Daily article.
