The Big Impact of Small Business

Written by Lexi Williams

May 5, 2021

Small businesses are essential to local economies and are rooted emotionally in buying and selling with friends and neighbors. The importance of small businesses, including insurance agencies, in rural areas and big cities, is shown in the benefits shopping local has economically. In some towns, serving a reduced population is the only want small businesses to survive. Small companies often have a more diverse inventory or specialize in unique products or customer experiences in a city. Small businesses also serve as the building blocks to some of the country’s largest corporations and present new employment opportunities.

According to the Small Business Administration (SBA), 99.9% of businesses in the USA are small businesses (a business with 500 employees or less). Small businesses bring growth and innovation to their community and provide employment opportunities to people who larger corporations may not employ. Small businesses also benefit from the larger corporations in their area and vice versa because many large corporations use small companies to outsource various tasks.

Small businesses also often can respond and adapt to changing economies. This results from the fact that many small businesses are customer-oriented and understand their community’s needs. In times of economic crisis, people tend to remain loyal to their favorite small businesses; this helps the business stay afloat in tough times.

Also, small businesses do not always stay small. Many large corporations started as small businesses and grew to be significant players in their industry – such as Integrity Marketing Group. Often, small companies that grow large remain in the community they were established in, further providing employment and economic stimulation to their community, creating an environment that will favor small business success and development.

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