National Small Business Week is an annual event that celebrates the contributions of small businesses to the economy and the communities they serve. National Small Business Week is a great opportunity for small businesses to connect with each other and learn from experts in the field. By taking advantage of the resources and support available during this week, small businesses can position themselves for success and make a meaningful contribution to their communities and the economy as a whole.
According to the U.S. Small Business Administration (SBA), small businesses make up 99.9% of all businesses in the United States and employ nearly half of the country’s workforce.
Small businesses are the backbone of any thriving economy; they create jobs, drive innovation, and contribute to the overall growth of the economy. Small businesses also have a unique ability to meet the needs of their local communities and provide personalized customer service that is often lacking in larger corporations. This year, to celebrate Small Business Week, we’re taking a look at some tips on how small businesses can find success in today’s economy as well as how others can help support and foster growth for small businesses.
Top Tips for Small Business Success
Despite their importance, small businesses face a number of challenges. One of the biggest challenges is access to funding. Small businesses often struggle to secure loans and other forms of financing, which can hinder their growth and limit their ability to invest in new products and services. Another challenge is competition from larger corporations that have more resources and can afford to undercut small businesses on price. So, what can small businesses do to thrive in today’s economy?
1. Embrace Technology
Technology can help small businesses operate more efficiently and reach new customers. Whether it’s using social media to promote their products and services or adopting new software to streamline their operations, small businesses that embrace technology are better positioned for success.
2. Focus on Customer Service
Small businesses have a unique advantage when it comes to customer service. They can provide personalized attention and build strong relationships with their customers. By focusing on providing exceptional customer service, small businesses can differentiate themselves from larger competitors.
3. Collaborate with Other Small Businesses
One of the greatest supporters of small businesses should be other small businesses. After all, we know best the frustrations, challenges, and obstacles we all face from time to time. Whether it’s choosing to do business with another small business for your different needs or partnering with another small business to tackle a large project or compete for a larger opportunity, it can be a mutually beneficial partnership to collaborate with other small businesses.
4. Stay Nimble
Small businesses have the advantage of being able to pivot quickly in response to challenges, customer requests, and even market conditions. Small businesses can maneuver more like a speed boat, rather than a cruise ship (like larger corporations). By staying nimble and adaptable, small businesses can take advantage of new opportunities, keep customers happy, and stay ahead of the competition!
How You Can Support Small Business
As I mentioned previously, one of the greatest challenges small businesses face is competing with larger corporations who have more resources and can afford to undercut small businesses on things like price. According to Forbes, of the new jobs created between 1995 and 2020, small businesses accounted for 62%—12.7 million compared to 7.9 million by large enterprises. A 2019 SBA report found that small businesses accounted for 44% of U.S. economic activity. Without small businesses, the American economy and workforce would suffer tremendously. Successful small businesses put money back into their local community, which can support the creation of new small businesses and improve local public services.
It’s hard to stop ourselves from buying from the big guys like Amazon and Walmart, but in order to move our economy in the right direction, it’s important to support small businesses. Here are some ways you can do your part to help them thrive during this special week and beyond:
1. Shop Local
One of the easiest and most effective ways to support small businesses is to shop locally. This means buying products and services from businesses in your community. When you do this, you’re putting money back into your local economy and helping to create jobs. Plus, you’re often getting access to unique and personalized products and/or services that you won’t find at big-box corporations.
2. Leave Positive Reviews
Small businesses often rely on word-of-mouth marketing to attract new customers. One way you can help is by leaving positive reviews on their website, social media channels, or other review sites like Google. These reviews can help boost their visibility and credibility, which can lead to more sales and growth, and this also costs you nothing!
3. Share on Social Media
Social media can be a powerful tool for small businesses. Similar to leaving positive reviews, by sharing their posts, tagging them in your own posts, or leaving comments, you can help increase their visibility and reach a wider audience. This can lead to more followers, more engagement, and ultimately, more opportunities for sales.
4. Refer, Refer, Refer!
If you love a particular small business or have had a really great experience, why not refer them to your friends, family, and business connections? This can help them attract new customers and grow their business. Again, this type of action costs you nothing and goes a long way! After all, people are more inclined to do business with someone if the recommendation is coming from a trusted source.
5. Attend Local Events
During National Small Business Week (and beyond) many local businesses will be hosting special events and promotions. Attending these events is a great way to show your support and learn more about the businesses in your community. You may even discover new products or services that you love!
Summing It All Up
Small businesses are not only the driving force behind the U.S. economy but they’re also keeping the American Dream alive! National Small Business Week is a great opportunity to show your support for small businesses. By shopping local, leaving positive reviews, attending events, sharing on social media, and referring friends and family, you can help these businesses thrive and grow. So go out there and show your support for the small businesses in your community!
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To learn more about Parmetech, check out our ‘About Us’ and our new Video Business Card!
To learn more about how Parmetech first got started, check out this interview with Parmetech’s President/CEO Ana Fernandez-Parmet from National Small Business Week last year.