Small businesses have contributed significantly to the economic strength of our nation. With small businesses comes a significant number of job opportunities and a variety of small business types. Small businesses create a huge number of jobs because they are the backbone of our nation’s small economy. Additionally, they tend to provide small-town communities with a variety of services and income opportunities. The small businesses of today need help in order to grow, and that is where small business grants come into play.
Small businesses create a tremendous amount of jobs because they are the backbone of our nation’s small economy. These are companies that create new jobs through their employment. This is why it is so important for cities to pro-actively seek out new jobs for these privately owned small businesses by helping them obtain the necessary funding. It is important for cities to provide assistance to these privately owned small businesses to help them succeed. In turn, this assistance can help to raise the incomes for all citizens in the area.
Cities that fail to invest in supporting small businesses could face dire consequences. Consider the following: Over two hundred thousand new small businesses are started in the United States each year, and many of these businesses employ over one hundred employees. Those are not small businesses that employ fifty employees or less. That is just the tip of the iceberg. The real statistics on small businesses that employ thousands of employees is much higher. To put it simply, failing to assist these small businesses will cost the cities that host these businesses millions of dollars in lost revenue over the next five years.
Cities like Chicago have been recently sued by large corporations who felt that they were not receiving enough support from the city government. These corporations essentially feel that there is not enough support coming from the City to retain the quality management firms that they need. Large corporations have a lot of money invested in Chicago, so it is very difficult for small businesses to compete with large corporations when there is such strong competition among small businesses in Chicago. Small businesses are costing these larger corporations millions of dollars in lost revenue, which has led to Chicago receiving millions in damages from these lawsuits. The loss of revenue for these larger corporations is directly tied into the quality of management that is provided to the Chicagoans. In other words, if quality management is not provided to a Chicagoan business, then this investment in time, talent, and money will ultimately be lost to these larger corporations.
Cities like Saint Louis where there was a recent study performed that indicated that the number of small businesses in the city was on the decline, we know that this decline is directly tied to the lack of support from the City leadership. In Saint Louis, it was found that there was a twenty percent decrease in the number of owned and operated small businesses. It was also found that in this city there was an increase in the number of franchises. One thing that many of us do not understand is that franchises are not what they used to be. Not long ago, when you purchased a franchise you would receive all of the support that you needed to start your own business, including training, support, and many other things. Many small businesses were started in franchises, and I believe that the decline that we have seen is directly related to the amount of support that is provided to the franchises and the level of training provided to the employees who work for these franchises.
It is my contention that it is absolutely critical that the small businesses in Chicago to become more socially responsible. We must understand that the small businesses are the backbone of the community and they need to take their fair share of the responsibility. A small business owner needs to have an interest in social responsibility, and they need to make sure that they are promoting good social responsibility through their marketing campaigns. Chicago has a fantastic source of information on how a small business owner can get involved in the area of social responsibility and they need to make sure that they are implementing these programs as part of their marketing strategies.
There are many small businesses in Chicago that have failed because they did not take the time to learn how to use social media effectively and they ended up marketing to the wrong audience. We must give our entrepreneurs the tools that they need to market effectively. We cannot allow them to do social media incorrectly if they want to continue to grow their businesses in this city. This is why it is so critical that every single small business owner understand what social media is, and how it can be used to their advantage in order to promote their company and their products to the right audience.
The last thing that I would like to discuss with you about Chicago is that there are also some independent business advocates in the city. There are many small businesses often times that do not wish to become a part of some of these advocacy groups, but I think that it is important that we give them the opportunity to do so. If we are going to continue to grow and we are going to see more small businesses thrive then it is important that we give voice to those smaller businesses. We also need to recognize those independent business advocates who have done great work in assisting the small businesses in Chicago. I hope you will please consider all this.