In honor of National Small Business Week, the National Federation of Independent Business, the nation´s largest small-business advocacy group, has included below four reminders of how American small businesses contribute to the economy, their communities and the political process. Did you know that:
#1 Small Business is America´s No. 1 Job Creator
Small businesses represent 99.7 percent of all employer firms, employ half of all private sector employees and pay 45 percent of total U.S. private payroll. Small business has generated 60 to 80 percent of net new jobs annually over the last decade.
#2 Small Business is a loud voice in Public Affairs and Politics
Disproportionately large percentages of small-business owners are registered to vote (95%), usually do vote (84%), and run for elective office (3%).
#3 Small Business is a Steady Part of the American Work Force"?¦and will continue to be.
Forty-six (46) percent of small employers intend to never fully retire. Another 23 percent will retire at 65 or older with half that number retiring at 70 or older. Sixty (60) percent of those intending full retirement at some point expect to phase-out, rather than to retire abruptly.
#4 Small Business Contributes to Local Communities
Ninety-one (91) percent of small employers (small-business owners) contributed to their community in the last year through volunteering, in-kind contributions, and/or direct cash donations. About 41 percent contributed all three ways. The estimated average value of contributions is $6,600 per small employer, contributing and not, for a total of roughly $40 billion .
Hey! You’re good. Want to share another reason why our small businesses matter? Leave me a comment.