Small businesses may not earn the same revenue as large corporations, but they play a crucial role in their local communities. While small businesses provide employment in their local towns and cities, they simultaneously act as the building blocks for the larger corporations across the country. Defined as a business with 500 or fewer employees, small businesses enhance their local economies by providing jobs and services their communities need.
Providing Local Jobs
A small business creates jobs in the community where it is established. Not only does this help stimulate local economic growth, but it also provides employment opportunities to those unable to work for larger corporations. Additionally, small business environments tend to attract talented employees who will create new products or discover solutions for specific problems the business faces. Larger businesses in the community also depend on outsourcing to smaller businesses in the community for specific job functions.
Responding to Economic Climate
Small businesses tend to be very customer oriented, so they are better able to respond to changing economic climates than big corporations. Local customers are very loyal to their favorite small businesses during times of economic crisis. In bad economic times, this loyalty helps small businesses stay afloat. In turn, this loyalty helps strengthen the local community during times of financial hardship.
Encouraging Future Growth
Many large corporations, including Nike and Ben and Jerry’s, began as small businesses in the United States. Over time, they became major players in the national and international marketplace. Even though these small businesses grew internationally, they still maintained their contacts in the communities where they were first established. By becoming a large corporation headquartered in the local community, these businesses could even further provide employment opportunities and help stimulate their original local communities.
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