The Impact Of Small Businesses What is your favorite local small business? Is it the coffee shop in town? Or the family-owned barbeque restaurant? Or maybe even the bookstore that just opened? No matter what small businesses you interact with on a daily basis, they are making a bigger impact than you may realize. If you’re a small business owner, you need to realize the level of effect that you have on the economy, and know that your business is important and essential to our country. Your idea, your business, and your passion are making a huge difference. Below are some key statistics that show just how much of an impact small businesses are making today. Job Impact According to the Small Business Administration (SBA), small businesses (businesses with less than 500 employees) created 63 percent of the net new jobs from 1992 to 2013. In 2013 alone, small businesses were responsible for creating 1.1 million net new jobs. But, that’s not all. The latest SBA data shows that there are 28.8 million small businesses in the United States, and they account for 99.7 percent of all U.S. businesses. Economic Impact These businesses may be considered small, but the impact they are having on the U.S. economy is huge. Small businesses are essential to the economy, and play a very important role in economic growth. According to the SBA, small businesses have paid 44 percent of the overall United States payroll since 1995, which in turn, helps stimulate the economy. International Impact In 2013, 97 percent of U.S. exporters were small businesses, and they were responsible for 33 percent of the U.S.’s total export value, according to the International Trade Administration. This helps keep the economy strong, and shows that small businesses are vital when it comes to exporting to other nations. Without these exports, the U.S.’s export value would take a major hit, and would make a large dent in the U.S. economy. Overall Impact If you’re a customer, the next time you visit your favorite local coffee shop, restaurant, or store, thank them for creating a place that you love. They need your encouragement and patronage to stay open. These statistics on small businesses show a positive and profound impact on the overall economy and business outlook. These businesses are spurred on by people with good ideas that have the courage to do something with those ideas and start something new and exciting. Let’s hear it for the small businesses, and let’s strive to keep them thriving. Do you know a great small business in Iowa that should be recognized for a DMACC Small Business Award? Have them click here to apply! Ned Flynn Ned Flynn is the Senior Manager, Business Development, at Oasis, a Paychex® Company, where he's led sales efforts since 2015. As a graduate of Indiana University, Kelley School of Business, with a Bachelor of Science in Accounting, Ned's unique combination of financial acumen, entrepreneur-ism, and human resources has helped Oasis achieve predictable, consistent, and profitable growth.