Small Businesses Drive the Economy – And This Is Their Week

Small businesses play a key role in the economic health of our local communities. According to the Small Business Administration (SBA), they represent 99.9% of all U.S. businesses and contribute to 44% of total U.S. economic activity.

Additionally, for every $100 spent at a local business, $68 remains in the local economy, compared to only $43 for non-local businesses (source: Institute for Local Self-Reliance).

In appreciation of the significant impact of small businesses, we celebrate their successes during Small Business Week (April 28-May 4). Some of the key achievements of the small business community sector include:

• Job Creation: According to the U.S. Small Business Administration (SBA), small businesses have created 64 percent of all new jobs since 2000.
• Community Development: The SBA reports that small businesses donate 250% more to local charities and community groups compared to larger businesses. Locally owned small businesses are essential to their communities, providing goods and services, creating local jobs, and contributing to the local tax base.
• Innovation: Small businesses, due to their size, can pivot and adopt new technologies and processes quicker than larger corporations. This agility has driven innovation in technology, green energy, and health care. According to a study by the SBA, small businesses produce 16 times more patents per employee than larger firms.
• Adaptability and Resilience: In response to various crises, such as the 2008 financial crisis and the COVID-19 pandemic, small businesses have adapted by embracing e-commerce, remote work, and transforming their business models. For instance, a restaurant might now offer takeout and delivery services in addition to dine-in, or a boutique might add online sales to their brick-and-mortar store.

Small Business Week features various activities and events aimed at supporting and promoting small businesses, including workshops, networking opportunities and special promotions. In the DFW area, events you may be interested in attending to show your support for and celebrate the small business community include:

• A two-day virtual summit (April 30-May 1) that will help participants access valuable federal resources, learn new business strategies, meet other business owners, and chat with industry experts. The summit will feature recognition for small businesses nationwide, educational sessions, networking opportunities, one-on-one mentoring sessions, online business resources and exciting speakers. Learn more and register.
• Small Business Awards Luncheon (May 2) at the Hurst Conference Center. The luncheon is one of the largest regional events that recognizes outstanding entrepreneurs and small businesses in North Texas. Attendees will be able to connect with bankers, brokers, accounting firms, the Small Business Administration, SCORE, SBDC, and numerous other organizations that serve the small business community. Learn more and register.

Bob Siffermann is North Texas District Director of SCORE, which provides free business counseling, mentoring, and coaching to existing and emerging businesses in Fort Worth and other North Texas cities. Contact him at bobsiffermann@scorevolunteer.org or 817-907-3931.

This article was shared with permission from the Fort Worth Business Press.