Small businesses in the United States are often pushed aside because; well they are small – individually, however collectively they amass some very large numbers according to the Advocacy Office of the Small Business Administration. Considering the current economic conditions it would make sense that if small businesses create about 75% of the new jobs, then you would think the government economic stimulus would support helping small businesses succeed at a time where unemployment is pitching ever higher.
Typically small business investment goes directly into the economy in the form of wages, trade and capital expenditures. Because most businesses are small, these businesses often trade amongst themselves, often circulating dollars many times in the economy and more frequently, thus creating more value to a dollar spent by a small business.
Below are some information data on U.S. small businesses and their contribution to our economy:
· provide about 75% of the net new jobs added to the economy
· represent 99.7% of all employers
· employ 53% of the private work force
· provide 47% of all sales in the U.S.
· provide 55% of innovations
· account for 35% of federal contract dollars
· account for 38% of jobs in high technology sectors
· account for 51% of private sector output
· represent 96% of all U.S. exporters
· U.S. firms sized 10 or less make up 94.9% of all businesses
Source: U.S. Small Business Administration
Next time you have the opportunity to invest, issue a contract opportunity, or simply find a new supplier – chose a small business; they may be the one that helps save your job, or invents the next amazing breakthrough in science, medicine or technology!GCK2D9YHS8V9