Small Business, the heart of the economy

The U.S Small Business Administration (SBA) Advocacy office calls small businesses the “heart of the American economy”. Small businesses in the U.S provide employment to a large number of people and in many sectors where services would not otherwise be available.

A Challenging Game

Even as big corporations make the news headlines, small businesses contribute to the economy in many ways. In a recessionary economy, while many employees will find themselves losing jobs, there will also be many who look at it as an opportunity to start a business. However, the failure rate for most new businesses is high, and SBA data shows that half of all small businesses with employees go down within 4 years of starting up.

Winning over Customers is half the game!

No doubt, small businesses face many different challenges including regulatory pressures and intense competition from larger players. Yet, businesses with a very strong base of loyal customers find it easier to weather adverse conditions. Regardless of size, delighted customers hold the key to sustainability.

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