Interesting Facts About Small Businesses
It’s little considered that small businesses can offer more for you as a customer than big corporations.
This is mainly due to their involved business style and ability to cater to people on a personal level. Traditional signals dictate that a smaller customer base is bad, yet this isn’t strictly true: after all, targeting a specific sector actually guarantees a better chance of building a reputation.
Learning more about the SME climate can give you a head start with your own business plans – or, if you’re not corporately minded, it can help you support your local boutique or the corner shop down the road.
Women owned small businesses have risen by over 50%
Since the recession of 2008, women have been responsible for making up almost a third of the self-employed sector. The majority of self-run businesses created by women focus on the health and social care sector, indicating that small businesses tend towards making life easier in the future.
However, this doesn’t mean women can’t be found in every nook and cranny of the business world. There has been a 13% increase in partnerships between men and women in business since 2008.
Despite the seemingly low numbers, any kind of increase in equal opportunities is a step forward in terms of gender equality. My Little Black Book’s inspiration section provides plenty of inspiring stories about female-owned companies and their success stories.
Small businesses are some of the best exporters
Thinking big is the key to success. By providing polished, high-tech products to overseas countries, it would seem small businesses have found the secret to meeting demands.
According to research, global international sales have risen by 70% since 2015. Exporter companies in countries more able to provide services such as CNC machining produce necessary engineering components, so such a high demand isn’t surprising across the globe.
For centuries, the exporting market has been an important part of institutions such as the EU, both in and out. Modern changes to such structures haven’t seemed to be able to dent the gross income of about 28.4% from export traders thanks to SME export tendencies. From this information, we can predict that small businesses will be an important part of the economic future.
Small businesses account for 99% of the private sector
Whilst usually employing no more than 500 people, SMEs create far more jobs than chain stores or popular fast food providers due to availability. Accounting for almost all of these establishments are local sources of commerce.
It’s rough that big businesses keep the limelight for themselves. However, when it comes to numbers, the ratio of exposure between big and small businesses just isn’t fair. By highlighting achievements of SMEs, there is more of a chance of giant corporations being less prominent in our media.
The sheer amount of small business operations helped to account for 47% of the total private sector turnover in 2016. Even self-employed ‘nonemployers’ can work in a ‘trickle down’ economy.