The Importance of Small Business in 2020: Altering Our Global Economy

4 October 2019

The Corporate World is a beautiful place filled with opportunity and creativity. It allows for businesses of all shapes and sizes to chase a wider calling.

Those that achieve the wider calling become goliaths in their industries and household names to customers around the world. Their business operations have a great impact on the world economy.

But what about the little guy? What influence does a small business have in our economy as a whole?

Here are several factors that list, the importance of small business, the role they play in our global economy, and the footprint they leave in today's corporate world.

Job Satisfaction for Employees

Did you know that small businesses make up more than 99-percent of the entire market?

That means that these small businesses you've come to know and love are also accounting for a significant portion of job positions worldwide.

But they aren't just creating regular jobs... they're creating valuable jobs. Jobs that give their employees a purpose and title to take pride in.

Whether the open positions are specific to a few important tasks or forcing employees to wear several different hats, it's giving employees the job satisfaction everyone is longing for.

That equals a greater return on investment for small businesses and their employees due to the high amount of efficiency.

More than that, employees of small businesses feel a connection to the company that they work for. They aren't just another number, they're getting face time with the CEO of their company.

That provides value and increased returns we wouldn't otherwise see in our global economy.

Innovation Through Niche Ideas

The big boys of the world may have the most resources. But there may be too much headcount to capture expressive and innovative ideas.

Look no further than the patent market, in which small companies account for a grand majority of the patent ownership. Why? Because small businesses dare their employees to think bigger.

They encourage their workers to not only come up with creative ideas on products and efficiency but are open-minded to the ideas being presented.

This goes back to adding value to the employee's total job satisfaction. The workers feel as if their voices are heard, rather than being dismissed because of their title (as a big company often does).

Back to the patents... the small companies thrive on their employees' niche inventions, and both the U.S. economy and global economy feel a significant contribution from them.

Exportation Power

If you don't believe that small businesses are more inclined to "share the wealth", look no further than their numbers on exporting to other nations within the global economy.

Small businesses thrive by capitalizing on exporting to gain access, increase demand, and profitability over their competitors.

While they reap the benefits, the global economy sees a similarly positive impact on global trade as a whole.

This is because small businesses use their potential to support other businesses throughout the world.

Not only does the global economy see value in it, small businesses that export are also helping to increase the U.S. economy by providing value to U.S. products.

Vital Role in Their Local Economies

In order for the entire global economy to see an impact, a company must first have a significant impact on its local economy.

Small businesses certainly do that in a bevy of ways.

First off, they create financial support for several businesses that compare to the same size and stature. The financial cycle runs within their local economy and promotes people in it to spend.

Sometimes the small fish in the pond serves more value than the big fish.

Job Opportunities

It may surprise you to find out that small businesses actually create more new jobs than the likes of an industry-leading, money hauling company.

When small businesses see a need, they fill that need in the form of an open position.

Even if the job isn't in-house, small businesses pull from the resources of other companies around the world.

This creates an entire network of job opportunities and open positions for applicants to apply their skill sets towards. If it weren't for small businesses, many people wouldn't have the appropriate avenues to use their experience.

Small businesses reap the rewards of maximizing their business operations from the job opportunities they provide.

While the big companies only offer positions that force their employees to "stick to the script", small businesses are allowing one job opportunity to grow into another.

Widespread Payroll

More often than not, small businesses pay handsomely for the services they seek.

There's less ego attached to the pay they're willing to give you.

That results in more discretionary income for their employees to spend, creating a revenue push in the global economy that otherwise wouldn't be there.

What's the main reason for the employees having more money to spend? The small businesses are offering more benefits and support than ever before.

The Importance of Small Business Can't Be Matched

It's cliche, but small businesses are what make the world, or global economy, go round.

That alone shows the true importance of small business in the global economy.

Take your small business a step further by optimizing the efficiency of your day-to-day operations with Universal Creative Solutions.

Be sure to read this article on how to choose a consulting company for your business. This will give you more information on what to look for in the consultants you hire.

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