How important is the small business to the ecomony?
Small businesses are foundational to the growth and stability of every economy. They provide jobs for the wider population, earn revenues that flow back into the economy and generally stimulate growth.
Small businesses are also more adaptable to economic swings than larger businesses. They do not have a wide or rigid leadership structure and can make decisions much faster with respect to staffing, changes to product offerings or suppliers, adjustment to delivery channels . This enables them to adapt more rapidly in a changing environment.
Even with the advent of the COVID pandemic creating a fall out in a number of large and smaller entities the small business owner is expected to recover more quickly , and to be back on the path of business continuity within a reasonable timeframe.
Entrepreneurs and business minded persons are encouraged to listen to this video “ The Importance of Small Business to the Economy” on the Innovator Connector website. Be informed and even surprised. If helpful, do like and/or leave your comment.