National Small Business Week – Supporting Local Enterprises
National Small Business Week, celebrated annually during the first week of May, acknowledges small businesses’ critical role in building strong communities and driving economic growth. This dedicated week provides an opportunity to recognize the resilience and innovation of local entrepreneurs who form the backbone of the American economy.
The Economic Impact of Small Businesses
Small businesses make up 99.9% of all U.S. businesses. They employ nearly 46 percent of all private-sector workers, and are responsible for 61.1 percent of overall job growth since 1995. Their contributions to the economy are vast:
- They create two-thirds of new jobs in America
- They drive local economic growth through taxes and spending
- They bring unique products and services to communities
- They sponsor local events and support community causes
“Small businesses are not just economic engines—they’re the heart and soul of our communities,” says Scott Ente, Senior Vice President Investments, David Lerner Associates. “When you support a small business, you’re often supporting a family’s dream and helping to build a stronger local economy.”
Why Small Businesses Matter
Small businesses offer benefits that larger corporations often cannot:
- Personal service: Small business owners know their customers by name and can tailor their services to meet local needs
- Local character: They give neighborhoods their unique feel and personality
- Community investment: Local businesses reinvest a higher percentage of their revenue back into the local economy
- Job creation: They provide employment opportunities for local residents
How to Support Small Businesses
There are many ways you can support small businesses during National Small Business Week and throughout the year:
- Shop local: Make a point to buy from small businesses in your area
- Spread the word: Share your positive experiences on social media and with friends
- Leave reviews: Positive online reviews can help small businesses attract new customers
- Attend events: Many communities host special events during Small Business Week
- Buy gift cards: Purchase gift cards from local businesses for future use or as gifts
Financial Considerations for Small Business Owners
For entrepreneurs, National Small Business Week is a good time to assess your business’s financial health:
- Review your business plan and update it if needed
- Check your cash flow and look for ways to improve it
- Consider your retirement planning options
- Explore available tax credits and deductions
- Evaluate your insurance coverage to ensure it’s adequate
“Many small business owners are so focused on day-to-day operations that they neglect long-term financial planning,” notes Ente. “Taking time to review your personal and business finances may help position your business for continued stability.”
Resources for Small Businesses
Many organizations offer resources to help small businesses thrive:
- Small Business Administration (SBA): Provides loans, grants, and educational resources
- SCORE: Offers free mentoring and workshops for small business owners
- Small Business Development Centers: Provides free consulting and low-cost training
- Local chambers of commerce: Offers networking opportunities and local business support
The Future of Small Business
As technology and customer expectations change, small businesses continue to adapt. Many are embracing:
- Online sales channels and digital marketing
- Sustainable business practices
- Flexible work arrangements
- Community-focused business models
What makes small businesses special is their ability to connect with customers on a personal level while responding quickly to changing market conditions.
How will you support small businesses in your community this National Small Business Week? Even small choices can contribute to a stronger local economy and a more vibrant community.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.