The National Small Business Week is a period to honor companies and their innovations.
While Small Business Week focuses more on appreciating entrepreneurs, it also presents many opportunities. For example, you can network with other business owners and learn how to scale your brand. Besides, you can borrow effective strategies and determine how to grow with limited capital.
Are you wondering whether you should celebrate and participate in the Small Business Week? Read on to discover why this period is vital.
1. Small Businesses Create Jobs
One key reason to celebrate Small Business Week is that such enterprises create jobs. Research shows that small-sized companies generate about 1.5 million jobs each year.
While most enterprises have less than 500 employees, their teams form a chain that creates more employment. For example, if you have a small manufacturing company, you create jobs in the supply chain and retail. Besides, your employees can provide income for other people working at their homes or side hustles.
2. Small Businesses Drive Innovation
Small businesses play a crucial part in driving innovation. Unlike established firms, smaller ones can easily convert ideas into marketable products or services. This aspect is since their concepts don’t have to go through many steps for approval.
Another reason small businesses drive innovations is that they have smaller teams. This means that it’s easier to collaborate and share ideas. Besides, entrepreneurs can inspire their teams to think critically since they interact with them often.
Other aspects that make small businesses a crucial part of innovation are:
- Lower risks if projects fail
- They can quickly adapt to changes
- Simplified idea testing
Small businesses must identify ways to compete with established companies. Hence, they are more likely to hire employees that will focus on innovation.
This aspect makes smaller companies more vital in industries requiring innovation. Such include customer engagement, marketing, technology, and product performance.
3. Small Businesses Keep Main Street Alive
Main Street refers to the primary retail area of a community or town. It includes consumers, small businesses, investors, and the local economy.
Small businesses play a key role in keeping Main Street alive. First, they bring services and products closer to consumers. This aspect avoids traveling long distances to access similar services from larger brands.
Another way smaller brands benefit consumers is by providing expert services. They also contribute to charity events and help build a better community.
Small businesses provide community members products and services they can be proud of and trust. For example, farmers will appreciate their efforts more if they sell to a local firm. Besides, residents can embrace healthcare if they access it in their locality.
Small Business Week presents chances to celebrate the role of such companies in keeping Main Street alive. During this period, consumers can appreciate the impact of entrepreneurs. Besides, business owners will recognize and value their consumer’s contribution to brand success.
4. Small Businesses Are the Backbone of the American Economy
Another reason the Small Business Week is vital this year is because such companies significantly support the economy. Apart from creating jobs, entrepreneurs also contribute about 43.5 % of the GDP. Besides, their employees produce 16 times more patents for innovation than larger companies.
Small businesses support the American economy by stimulating development. States can easily balance growth and utilize funds when each area pays taxes. Besides, the government will generate more returns on infrastructural investment.
Other ways small businesses support America’s economy are:
- They provide large companies with services like accounting and managed IT
- They adopt innovative business methods that transform industries
- Small businesses boost money circulation
- They reduce the cost of pollution
5. Small Businesses Contribute to Their Communities
Small businesses’ contribution to communities is a crucial reason to recognize them. When entrepreneurs set up companies, they attract local and external talent. This aspect then builds inclusive communities and promotes cultural interactions.
Locally owned businesses help communities create identities. For example, tourists can associate an area with fresh and healthy food due to local restaurants. Further, they will appreciate a town’s character and beliefs based on the services provided by entrepreneurs.
Other ways small businesses contribute to their communities are:
- Promoting environmental friendliness
- Encouraging healthy business practices
- Promoting healthy lifestyle choices
- Encouraging innovation and healthy competition
- Lowering community infrastructure maintenance needs
- Providing affordable goods and services to local consumers
Another way small businesses contribute to their communities is by encouraging entrepreneurship. When you set up a successful brand, you motivate others to venture into the field. Besides, you inspire people with similar experiences to pursue and achieve their dreams.
How to Celebrate the Small Business Week
You may need ideas to celebrate your brand during Small Business Week if you are an entrepreneur. One effective way is to share how you started your company or created a marketable product. You may also talk about dealing with business issues.
Share your story by posting about it on social media. Further, use hashtags like SmallBusinessWeek to boost visibility. You may also write a blog and upload it on your business website.
Another idea for celebrating this period is partnering with another small business. Look for a brand that aligns with your goals and beliefs. After that, identify projects that will benefit both companies. You may then combine your teams to achieve common goals and reach untapped markets.
More tips for celebrating small business week are:
- Educate your team
- Attend seminars and webinars
- Appreciate people that help your business
- Give back to the community
- Nominate another company for an award
Small Business Week presents many chances to boost awareness about your services. Stay active on social media and leverage trending hashtags. Besides, feature your brand on online articles to increase traffic. These measures will help your community learn more about what you offer. You can also attract more clients with fewer funds.
Celebrate Small Business Week With Crowdz
Small businesses play a crucial role in our communities. Still, they find it tricky to obtain the funds needed to grow. At Crowdz, we provide a platform where investors and entrepreneurs can benefit.
Business owners can obtain lump sum funds to scale their brand with our tool. Investors also get changes to support small brands and help them grow. Contact us now for details about our solution.
