Thomas English on Small Business' Impact on the Local Economy

Small businesses are crucial to the economy of local communities. There are so many ways that small businesses help not only their local communities but also the whole country. Some say that small businesses are the backbone of the American economy and I believe that it is true. Here are three different ways that small businesses can impact your local economy.

Innovation
Most often, small businesses are the ones who are introducing new ideas and innovations to a sometimes stagnant economy. They tend to be able to change and adapt quickly to the changing economic landscape and provide the best value to their consumers. These companies help provide a platform for greater diversity in the professional world. Through their innovations, they work harder to stand out from the competition and therefore are able create beautiful, unique and well-made products. Offering up unique and diverse solutions and products to their consumers, they are most often characterized by out-of-the-box ideas.

Strengthening the Economy
Not all businesses stay small. Think of any major retailer or service provider that you know – they all had to start small somewhere, and they were able to grow to become a part of our everyday lives. A lot of these original companies will stay in their hometowns and then expand outwards and bring overall economic growth to the whole country. Small businesses also provide sustainable jobs to the local community. Likewise, small businesses are more likely to recruit their products and services from other small businesses in their community, therefore creating a network of support.

Give Back to the Community
Not only do these small businesses employ local community members but they also support local institutions through the taxes that they pay. These local institutions include schools, local government, police, and fireman. They can be active in community discussions and support local community initiatives. The small businesses of a community help that community develop their own unique identity and helps them become more active and independent. They can also help to increase the safety and overall quality of life in that community.

An example of a great business that is giving back to their communities is the Bitty and Beau’s Coffee Shop. This shop started in Wilmington, North Carolina and has a mission to employ those with Down Syndrome. They are providing an opportunity for them to have a successful career while also raising awareness about Down Syndrome. Since their beginning, they have opened two additional locations in South Carolina and Georgia. Bitty and Beau’s is an excellent example of a beautiful small business that has had a significant impact on their communities by fostering opportunity and kindness!

Originally posted on my blog at http://thomasenglishkentucky.c...