Why Small Businesses are Important for Our Society More than Ever?
Due to the jet lag in the world economy because of the COVID-19 outbreak, the world has understood the necessity of investing in small businesses. The huge businesses faced deep losses, and severe damage in their overall turnouts, whereas the small businesses throbbed all the way and served the communities in times of adversities.
This was because when the large businesses could not achieve the desired results, they had to shut down their branches or cut down on the employment ratio. Many people lost their jobs when a hard time struck and felt dejected.
On the other hand, small businesses kept manufacturing and providing services to their customers unabated. There are various reasons such as the way these operate, the people they hire (i.e., locals), their investments in monetary terms as well as the value they add to the overall society at large.
Here’s a list of the few basic reasons that would educate you about why small businesses are important for our society more than ever.
What is a small business?
A small business is defined as any company with fewer than 500 employees. These are usually privately owned businesses, partnerships, or sole proprietorships and have less annual revenue than a regular-sized company or corporation.
For example, handmade crafts, soap, and cosmetics with a huge demand are manufactured by small businesses in towns and villages.
In recent years with the increase in cost of rental shops and the price of the land, many manufacturers have moved to online shops. Many sell their products using online portals such as Etsy, Amazon, or Shopify. And others who make enough out of their business sell directly to the customer through their offline stores in addition to online shops.
5 Ways Small Businesses are helping our society
Every kind of business provides various benefits to society. It makes a profit for itself and the other businesses that are linked directly or indirectly with it. Small businesses provide incomes to the people they employ as well as show a path for local cultural and traditional art to reach the masses. The following are ways in which small businesses are helping our society:
1. Creates Employment Opportunities for Locals
Just like any other business, small businesses too require all the necessary staff for their better functioning. Small businesses are always on a lookout for employees, from the housekeeping staff to the managers and digital marketers.
Every other person who possesses the desired skill-sets has an ample amount of opportunities in this sector. The local artisans, manufacturers of handmade products, to creative minds who are always on their toes to help society function well are needed in this booming industry, hence opening myriad doors for the workers.
Opportunities in the local areas help the workers to stay rooted in their homelands and serve their communities diligently.
2. Keeping Money Local
Earning and spending go hand in hand. However, the way you spend your money determines the overall economy of your community. The more you purchase locally manufactured products, the better it would be for you. When you spend money to buy products manufactured locally, that money pays a worker in your community at a local store. This worker might spend that money on another local product, making it a cycle.
This ensures that the money remains in the local market, creating a cycle of support that helps locate economies thrive. This money can be put to use for community welfare, such as in the development of schools, public spheres, and health care centers.
3. High-Quality Product at Affordable Costs
There is a cost added at each junction whenever a product is manufactured. You pay for everything–the raw material to the transportation cost. Therefore, the lesser this overall cost comes, the lesser you would have to pay. The less traveled the product would be, the lesser the transportation cost would be.
Therefore, buying locally produced good prove to be beneficial as they have no import taxes or other charges added to the goods.
Apart from that, the art and culture attached to the products locally produced cannot be found in products manufactured in a foreign land. The quality and freshness of the readily available goods are indeed unbeatable!
4. Better Adaptability to Changing Economic Climates
One needs to be prepared beforehand to stand the blow of the businesses’ usual ups and downs. The economic graphs see a regular rise and fall. However, with the proper use and investment of small businesses, the sudden blow that occurred during the onset of COVID-19 lockdown can be handled at ease.
Apart from that, as the money remains in the market, there is mutual support. In the situations where a local business struggles, community members can bond together to help the struggling business get back on its feet through crowd-funding campaigns or old-fashioned word of mouth pleas. The energy and support that can be raised in small businesses are hard to develop or see in large businesses.
5. Spreading of the culture and traditional art
You ask how? Well, the cultural art forms of various minority communities that were once hidden in the backdrop are now able to see the daylight and reach the masses. The forgotten cultural and traditional crafts and resources are now brought to life through the small businesses’ hard work and consistent efforts. Everything is now finding its way to the urban landscape, from handcrafted clothes to handcrafted furniture.
Once again, people are getting aware of the lost traditions and are trying to know more about their roots. A society that thrives in such a way is indeed healthy and prosperous.
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They might be called “small businesses,” but they can turn the economic graph. They are like those power-packed batteries that might look small from the outside, but without it, even your Rolex would be of no use. Just like the world would be without small businesses. They play a major role in building the world economies and provide benefits that cannot be listed in a single web-post.
Drive to the local market and see what all they have to offer you. Know how to use locally produced goods and adapt them to your lifestyle. You might eat at a local store or grab some comfortable outfits from the valued handcrafted store and add some colors and love to your wardrobe.
In conclusion, one could say that appreciating and supporting won’t cost you much. In turn, it might provide income and sustenance to those who are trying their level best to survive and serve their communities with nothing but the best!
CreditsPhotos by Tim Mossholder on Unsplash