Fortune.com reports that Amazon’s sales grew 9% year-over-year in 2021. In the same year, Walmart earned $559 billion in annual revenue.
Many large businesses have thrived in recent years. However, the US GDP still underperformed in 2021 compared to its pre-pandemic potential. How could that be?
This underperformance is, in part, the result of how small businesses suffered throughout the pandemic. Lockdowns and labor shortages made it difficult for small businesses to thrive as they did before COVID’s 2020 outbreak.
It turns out a small business contributes much more to society than people expect. That’s why small business support is so critical.
People often underestimate how important it is to support local small business enterprises. We’ll explore three reasons why this support matters in our guide below.
1. The Economy Needs Small Business Support
Your local small business doesn’t bring in the kind of revenue that Amazon or Walmart does. However, these local enterprises still play a tremendous role in the world economy. The World Trade Organization reports that small to medium-sized businesses represent more than 90% of the business world.
Likewise, these businesses provide 60%-70% of jobs. That’s more than two-thirds of the jobs in the world.
Small businesses also account for many new job creations. When you support small business operations, you enable them to grow and hire new workers.
2. Small Businesses Contribute to the Community
Small businesses don’t just provide jobs and help the economy. They also play a tremendous role in building a community identity.
For example, think about your favorite local coffee shop. How many people have business meetings in that shop? How many go on their first dates there or meet up with friends?
These instances aren’t the only ways that small businesses contribute to their communities, either. Most small business owners appreciate the ways in which their communities support them. So, they often give back to the local populace.
Many small businesses sponsor community events or donate to local charities. So, if you’re looking for small businesses to support, look for the most active ones in your community!
3. Small Businesses Provide Personalized Customer Service
Walking into a big chain company location rarely feels personal. You’re just another face coming into a busy location. Their customer service often reflects this disconnection.
Small businesses, however, offer another atmosphere. People in small businesses recognize their regular patrons and build relationships with them.
As a result, small businesses provide more personalized and friendly customer service. As a customer, you support their dream. So, these businesses try to give you the best service possible as thanks.
How to Support Your Small Business
Small business support doesn’t stop at the customer level. Many companies provide services that support small businesses and help them grow.
We at Buzz Hive Marketing are one such company. We love the individuality of small businesses and offer several packages to help them succeed.
Our services target digital marketing methods to help small businesses have an increased online presence. This way, more people can discover their products and services.
If this appeals to you, don’t hesitate! Contact us today to find the best package for your business.