26 Jan 4 Reasons Small Businesses Rock
Small businesses face a number of struggles in today’s economy. Despite the challenges that small business owners face, there are more than 28.2 million small businesses in the USA today according sba.gov. Conclusion: SOMETHING about the small business formula is working. Here are four reasons why small businesses rock.
Small businesses create jobs.
Believe it or not, 64% of new jobs in the last decade were created by small businesses. What does 64% look like in terms of actual job count for that decade? 11.8 million. Small businesses also account for 44% of the collective payroll of United States citizens.
Small businesses are more innovative.
Over the course of four years, a large business will generate 1.7 patents per 100 employees. Small businesses average 26.5 patents per 100 employees. Small businesses can be credited with some of the greatest inventions of our time, creating everything from the airplane to the zipper.
Small businesses create opportunities.
The US Census Bureau has found that small businesses serve as the path by which women and minorities gain footing in the business world. In the past 20 years, the number of woman- and minority-owned businesses have doubled or even tripled.
Small businesses appeal to a young workforce.
Studies about millennials are showing that this age group would rather work at businesses with 100 or fewer employees. This means that small businesses are gleaning a great deal of young, local talent full of fresh ideas. Since this generation values meaningful work over higher salaries, small businesses have it made with this group.
We love small businesses! In fact, most of our clients are small businesses in the Indianapolis area. To all of the small businesses out there, thank you for doing what you are doing. You may be faced with challenges unique to small businesses, but know that what you are doing is really making a difference on a national scale.