According to the World Trade Organization, small businesses represent over 90% of the business population and they provide 70% of all jobs in the world.
Small business owners are the backbone of our economy. It took a pandemic for the public to feel …. and notice the importance of small businesses in local communities and the impact they have on our lives.
The role of the small business owner cannot be underestimated—as goes the small business owner, and so goes the economy. Yet 51 percent of small businesses don’t make it to year five.
Startups and corporations get help from venture capitalists or grant programs; the main street small business owners don’t—especially not during years three through eight when most have a viable business, several employees, and more struggles than they expected.
And now it’s even harder for small business owners as they are carrying a heavy weight in response to the global pandemic. For example, 42% of small businesses in the United States had to close their doors. Add to this global supply chain issues, labour shortages and inflation, we have a perfect storm.
What’s it like for small business owners?
Business owners everywhere have to step back in as an employee, spending valuable time on daily tasks instead of problem-solving how they are going to stay in business. They are squeezed in every direction from customers, employees, suppliers and governments, with no time for big life events, or even small acts of self-care.
Seeing the big picture
Without small businesses and their owners, we do not have healthy communities or a strong economy.
Small business is essential to the vitality and health of economies and communities. You can improve the health of a community by strengthening the health of the small businesses in that community. Dr. Dale Caldwell explains, “ the economic stability of communities is the foundation of the social well-being of countries.”
On a larger scale, without small businesses and nonprofits, we risk being dependent on multinational corporations that do not prioritize our individual communities. Imagine only being able to buy from Walmart or Amazon? What would jobs look like in our communities? What controls would be in place to make collective decisions when the power is in the hands of only a few corporations?
The importance of small business in local and global communities can not be ignored.
When we empower people to successfully run their own businesses, manage their own money and make their own decisions they become leaders and influencers in their communities. By supporting small businesses we support a democratic society filled with people who have security, ability and autonomy. It’s a roadmap to peace on earth.
The generosity of small business owners
The small business spirit makes a difference in this world. The same drive that leads them to create a business leads them to continue to help others once the money rolls in.
And small business owners don’t do this in a vacuum. They get their family and friends involved, too. And their staff. Helping others becomes a company-wide endeavour. A healthy community is made up of thriving self-employed, micro, and small businesses.
Consider these case studies
The following two entrepreneurs highlight the importance of small business in local communities.
Sasha at Nezza Naturals
Sasha runs a natural products company called Nezza Naturals. (Their vitamin-C face cream is the best on the planet!) Sasha hooked up with a local distillery at the beginning of the pandemic in March 2020. You probably remember that hand sanitizer disappeared from store shelves, and even front-line responders couldn’t get any. Her company provided the bottles and basic materials for the gel, and got the distillery to provide the alcohol, creating their own hand sanitizer. The first 5,000 bottles went to doctors, nurses, police, paramedics, and other front-line responders. For free. They gave away over $80,000 worth of hand sanitizer!
Angie at Well Seasoned
Angie owns Well Seasoned, A Gourmet Food Store. They offer cooking classes, and a catering service. When COVID-19 hit, her kitchen and catering services were forced to shut down. Instead of panicking, she started asking for donations, shifting her catering kitchen into a hub for feeding overworked hospital crews. Her company churned out thousands of meals in the opening months of the pandemic and fed countless nurses and doctors fighting to keep patients alive.
Since then, Angie has become involved with local community groups to keep independent restaurants afloat. When COVID cancelled a big hospital gala, that she’d already been paid for, she went into overdrive. Her team cooked the meals anyway, bagged them up, and delivered them to individual members who would have attended. By doing that she helped raise $85,000 for the gala even after it was cancelled.
Watch the video below to learn more about these amazing entrepreneurs!
Small businesses are the engines of the community.
Small business owners give back more than they ever receive. Their giving spirits connect them with local and regional influencers in both government and the private sector. This influences the community, creates lasting positive change and leaves a legacy.
Don’t underestimate the global impact of small business owners. There is so much entrepreneurs do to make the world a better place. Their generosity will help create a better world.