May is Small Business Month, celebrating the 33 million small businesses operating in the U.S. and their impact on the economy. Small Business Saturday, introduced in 2010 by American Express, supports small businesses during holiday shopping and post-recession. A study found that while one in five Americans shops at small businesses often, 80% would like to do so more but opt for convenience and prices of big box chains like Walmart.
Small businesses play a vital role in the community by employing local workers and driving innovation. Small Business, Big Impact, a company providing affordable in-home care to seniors, operates as franchises in local communities. Corporate stores are dedicated, while franchises are committed as owners are motivated to succeed in their small business. Small businesses have to work hard to compete in a fierce market but are essential for the community’s livelihood and overall well-being.
As a business leader, understanding the influence of small businesses can benefit your organization by learning from their flexibility and ability to test new ideas in the marketplace. Supporting small businesses through partnerships, mentoring, and investment opportunities can be a win-win for both parties and the economy as a whole. The essence of the American Dream lies in entrepreneurship, with small businesses serving as the backbone of the economy, driving innovation, employment, and contributing to the tax base.
Supporting and nurturing small businesses is crucial for the vitality and growth of the economy. The success story of Sam Walton’s Walmart showcases the trail-blazing power of small businesses, from a small general store to a corporate giant valued at $480 billion today. Small businesses need the support of the consumer and business community to thrive, and it is in the economy’s best interest to ensure their success. By actively supporting small businesses, businesses can benefit from their innovative ideas and flexible approach to testing new concepts in the marketplace.
