The month of July is all about celebrating American independence. As we enjoy food, fireworks and concerts typically brought to us by corporations, let’s also celebrate the small, independent businesses that many experts consider to be the true backbone of the U.S. economy.
Small Businesses, Big Impact
- There are nearly 30 million small businesses in the U.S., compared to 18 thousand larger firms (larger defined as having 500 or more employees)
- Translation: small businesses constitute 99% of all businesses in the United States!
- Over the past 10 years, small businesses accounted for 60% to 80% of all net new jobs created in the U.S.
- Small businesses contribute 33% of the total U.S. export value
- Innovation is driven by small businesses! They generate 16 times more patentsthan larger firms.
What We can Learn: What Small Businesses Do Really Well
They adapt quickly and make the current operating climate work for them.
- They can streamline processes and implement changes in a real-time environment
They immediately experience, identify and address issues, weak links and under performers
For them, business is personal!
- Small businesses must get customer service right the first time – and every time. They must also ensure that their employees are engaged in their work…and happy!
They are all about high performing teams and developing broad skill sets. Both are necessities!
They embrace and embody diversity: Hoffer Plastics' longstanding history of diversity is celebrated this month with the 51st service anniversary of employee Judy Gittings.
Just for Fun: Did you Know?
- The vote to declare our independence from Great Britain technically happened on July 2nd, not July 4th.
- The Declaration of Independence wasn’t actually signed until August 2nd, 1776.
- Half of the American colonists were “fence sitters” – people unwilling to take a position on the War. Roughly one third remained loyal to King George.
- The U.S. Constitution is the longest surviving constitution of any nation in history.