{"id":288,"date":"2016-11-13T17:03:59","date_gmt":"2016-11-13T17:03:59","guid":{"rendered":"https:\/\/blog.accurants.com\/2016\/11\/13\/reasons-why-small-businesses-are-so-important\/"},"modified":"2024-10-20T08:16:21","modified_gmt":"2024-10-20T08:16:21","slug":"reasons-why-small-businesses-are-so-important","status":"publish","type":"post","link":"https:\/\/accurants.com\/blog\/2016\/11\/13\/reasons-why-small-businesses-are-so-important\/","title":{"rendered":"Reasons Why Small Businesses are so Important"},"content":{"rendered":"

You might own a small business and feel overwhelmed by the multinationals you\u2019re competing with.\u00a0 It can be easy to think that your company doesn\u2019t have a large impact on your country\u2019s economy.\u00a0 The truth is, however, that small businesses are actually the backbone that the economy is built upon.\u00a0 Almost half of the total working population in the US is employed by a small business. <\/em><\/p>\n

When looking at the numbers, it becomes very apparent how important small businesses are for the economy in the US.\u00a0 We\u2019ve listed some of the numbers to give you an idea how essential and irreplaceable they are.\u00a0 Most small businesses will never grow out of the shadows of their multinational competitors but they do bring in a lot of money to the government and stimulate employment by a great deal.<\/p>\n

\u00a0<\/strong>In 2015, there were over 28 million small businesses in the US.\u00a0 <\/strong>About a third of all companies fall into the category of a small business.\u00a0 Together, these businesses make up for more than 50 % of all sales.<\/p>\n

Over 5.5 million small businesses have employees. The effects of this on the country\u2019s employment rate are very large, making small businesses crucial for the economy.\u00a0 <\/strong>Although a fifth of small businesses are either a one man company or don\u2019t hire employees, the overwhelming amount of small businesses that do hire employees make up for it.<\/p>\n

Small businesses created nearly 15 million new jobs in the US from 1993 to 2013.\u00a0 <\/strong>No country can do without a healthy job market and a lot of small businesses together can do a lot more than a few large companies can.\u00a0 In fact, almost half of the entire payroll in the US, is paid by small businesses.<\/strong><\/p>\n

Every 8 minutes a small business went bankrupt during 2009\u2019s recession.\u00a0 <\/strong>Small businesses took a hard hit when the economy went bad.\u00a0 During times of hardship, the company with the largest reserve will end up being the winner.\u00a0 Because small businesses have a much smaller revenue than their larger competitors, building up a reserve is not always an option.<\/p>\n

30% of small businesses don\u2019t last longer than 5 years.\u00a0 <\/strong>This is not a very hopeful statistic for small business owners.\u00a0 You\u2019ll have the odds against you when starting a business but those with a good idea and strategy will always stand out and have a chance of success.<\/p>\n

Half of all small business owners want the government to give them more support.\u00a0 <\/strong>There is not a lot of financial stimulation available to small business owners that are just starting out.\u00a0 This can be a bit frustrating for these entrepreneurs, as these types of businesses do so much good for the country\u2019s economy.<\/p>\n

Most small businesses spent less than 6% of their revenue on marketing.\u00a0 <\/strong>The first few years are usually the toughest for small businesses and will make or break them.\u00a0 This leaves very few resources left for marketing purposes.\u00a0 This can be a big problem because gaining familiarity for your business is especially important in the starting years.<\/p>\n

\u00a0Small business owners face a lot challenges as they go through their entrepreneurial journey.\u00a0 Fortunately with availability of many Software as a Service (SaaS), the cost of running\u00a0a small\u00a0business has come down\u00a0significantly.\u00a0\u00a0\u00a0accurants is a complete small business management SaaS\u00a0that was designed by a small business for other small businesses around the world.\u00a0 With Invoicing, Time Tracking, Project Management, Expense Tracking, Mileage Log, Customer Relationship Management, and Taxes, accurants empowers small business owners to run their entire business from any device anywhere and any time.\u00a0 Getting started with\u00a0accurants is easy, try 30 days for FREE\u00a0<\/a>and explore all the features.<\/p>\n

Photo Credits: Small Business, Store, Booth \/ Photo by Joe The Goat Farmer <\/a>via Flickr<\/a> \/ CC BY-SA 3.0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

You might own a small business and feel overwhelmed by the multinationals you\u2019re competing with.\u00a0 It can be easy to think that your company doesn\u2019t have a large impact on your country\u2019s economy.\u00a0 The truth is, however, that small businesses are actually the backbone that the economy is built upon.\u00a0 Almost half of the total […]<\/p>\n","protected":false},"author":1,"featured_media":6829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[38,70,117,118,120],"class_list":["post-288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-characteristics-of-small-business","tag-importance-small-business","tag-small-business","tag-small-business-benefits","tag-small-businesses","entry","has-media"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"\/wp-content\/uploads\/sites\/2\/2016\/11\/Importance-Small-Businesses.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/posts\/288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/comments?post=288"}],"version-history":[{"count":2,"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/posts\/288\/revisions"}],"predecessor-version":[{"id":7625,"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/posts\/288\/revisions\/7625"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/media\/6829"}],"wp:attachment":[{"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/media?parent=288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/categories?post=288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/accurants.com\/blog\/wp-json\/wp\/v2\/tags?post=288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}