With Small Business Saturday fast approaching, Backyard Buddy would like to salute and celebrate our fellow small businesses for their incredible impact! Some may be unaware of it, but small business is a huge driver for the American economy, both at the national level and (especially) locally. The vital role of small businesses and their entrepreneurial owners is irreplaceable and should not go unnoticed.
When most people think of business at the national level, their minds probably jump to the “big box” stores like Wal-Mart, Costco, and the like. While these stores also have many benefits, did you know that small businesses are making an even bigger impact than these titans in the workforce? According to the US Small Business Administration, small businesses have created approximately 63% of all new jobs in America since 1993. That means they outpace the big box stores by almost two to one in terms of job creation—truly a success worth celebrating!
The vital impact of small business goes much deeper than just the national level, though. Small businesses are almost always the biggest benefit to local communities. The main reason is that they tend to provide higher incomes to people in the community, thereby stimulating long-term economic growth and health in the area. To illustrate this point, consider that about 75 cents out of every dollar spent at a large national retailer often goes back to that company’s corporate headquarters located elsewhere. That’s like taking money directly out of a community, and it may actually serve to depress local economy at the expense of the national!
On the other hand, small businesses have the reverse ratio—usually at least 75 cents of every dollar spent at a small, local business stays in the community. That leads to many benefits, such as increased charitable giving to the city’s important causes, more tax dollars helping support local infrastructure, and more jobs and income for local residents. Those things in turn make the community safer, cleaner, wealthier and more attractive to other new businesses and entrepreneurs. It’s a cyle of prosperity, and small business drives it.
Even beyond all the numbers, small businesses give a community character and atmosphere that the big, national stores just cannot produce. Studies show that people trust small businesses more than large chains (and rightly so!), and everyone appreciates being treated like a real person rather than like part of a machine—for example, the way every person who calls or visits Backyard Buddy will get to speak to a real person who can quickly and accurately answer their real questions! Small businesses also offer specific selections that national retailers may not, and they certainly look nicer on the streets of the community. For all these reasons and more, Backyard Buddy celebrates small business, and we will continue to help drive the national and local economy alongside our fellow great small businesses!