Let me say it at the outset, I am a big supporter of local small businesses, and there are many reasons for it. Their local presence generates local employment and drives economic growth in smaller geographic areas. Small businesses are more innovative and often produce creative solutions to customers’ needs. Small businesses contribute to local economies by bringing growth and innovation to the community in which the business is established. Therefore, they also create meaningful jobs with greater job satisfaction than positions with larger, traditional companies while supporting neighborhoods and communities.
Much before big businesses started entering the market, small businesses did a phenomenal job of keeping the economy moving. And we must make sure they receive all kinds of support from the government as well the community.
- While it is heartwarming to think of small businesses as part of local communities, they also score extremely well when we look at facts and figures. Here is looking at some:
- The SME sector created approximately 7 million jobs during the 2017 financial year. In doing so, they contributed to 57% of Australia’s GDP*.
Small businesses play a significant role in the Australian economy, accounting for almost half of employment in the private non-financial sector and over a third of production.**
What makes small businesses successful? A survey conducted by NAB revealed the following characteristics were found to be common among successful SMEs*
- Prepared to work hard
- Willing to fail and learn from failure
- Genuinely passionate about their product or service
- Good at dealing with difficult customers
Anyway we look at it, there is every reason for all of us to support our local small businesses. As I read somewhere, “In a world where you can shop anywhere, shop local.” In my role as your local councillor, I come across dozens of hard working business owners and their teams.
We listen to their stories, challenges and dreams and make sure we do our best to support them so they can keep supporting the local economy and communities.
*www.lloydsbrokers.com.au
**Small Business: An Economic Overview:
Ellis Connolly, David Norman and Tim West