What is a Small Business?

Most businesses have fewer employees than you may think.

Small-Business-Size-by-Employees

Perception

Many businesses feel that they are tiny compared to industry leaders.

After all, the Fortune 500 are constantly seen in the news.

Perhaps you worry about being able to succeed on your own or with only a small team.

Reality

78.7% of businesses in the US have fewer than 10 employees

Perhaps your company isn’t as small, relatively speaking, as you thought.

But what about impact?

How significant is the presence of smaller organizations on the economy?

Small but Mighty

Small businesses accounted for 61.8% of net new jobs from the first quarter of 1993 until the third quarter of 2016.

They also “produced 46 percent of the private nonfarm GDP in 2008.”

Pretty impressive, huh?

If you own or are part of a small business, take a minute to ponder the impact you’ve had on your region and industry.

The staff you’ve hired.

The value of your products and services for your clients.

Local t-ball teams sponsored.

All of these have an impact on your community, so kudos to you!

Sources

https://sbecouncil.org/about-us/facts-and-data/
https://www.census.gov/data/tables/2015/econ/susb/2015-susb-annual.html

Photo credit: https://unsplash.com/photos/nvFpb_MMRj8

 

Infographic by Nexus Growth Coaching