Now’s the Best Time to Support Small Businesses
We’ve heard often, “small businesses are the backbone of our country.”
From small manufacturing companies to coffee shops and retail businesses to restaurants and more – small businesses employ thousands of people. They generate more than half of the country’s private gross domestic product. In addition, 97 percent of exporters are small businesses with innovative products spanning the world.
And they build communities. According to a recent study by Pacific Community Ventures:
For every dollar spent at a small business, 68 percent funnels back into the community, compared with just 46 percent at major retailers…and small businesses are better for the environment, as they buy many supplies locally so less transportation is necessary during each step. And because most small businesses lease or buy already existing spaces, there’s less need for construction, clear-cutting or increased traffic. Plus, they are more altruistic, giving 250 percent more money to nonprofit organizations than larger companies do.
It is why small businesses are driving the Benefit Corporation movement, a worldwide revolution to encourage companies to adopt and embrace the triple bottom line of “People, Planet, Profit.”
In fact, as an independent certifier of Benefit Corporations across the country – every company we have assessed and certified as a ‘Benefit Corporation for Good’ is a small business. They inspire and give us hope for a better business model – one built on sustainability, equity, authenticity, social justice and respect.
Today, during the pandemic these passionate, committed and savvy entrepreneurs are struggling. Yet they persevere.
Case in point is Colleen Ruhlin, CEO of Tailwind, Inc., a financial and fractional CFO service business who says:
“The good thing about a tough year is it makes you dig deep. I've realized I want to work exclusively with purpose-driven companies. The challenge to demonstrate businesses can outperform financially because their focus on people & planet makes me excited to get to work every day.”
So, although COVID has challenged them to their very core, these businesses demonstrate creative thinking as they pivot, re-boot, tighten their belts and restructure to accommodate customer needs – keeping their dreams alive as small business owners.
And it is now our turn as consumers, clients, vendors and partners of small businesses to give back and support them. It’s time we stepped up and gave back to them, in the same way they give back to our communities.
How you ask?
There are a number of ways to support local businesses in our communities during the Covid pandemic. Here are just a few ideas:
Buy gift cards from local shops and shop with them online
Utilize the restaurant pick-up and delivery options
Donate/volunteer your own expertise and time to help market or provide other professional services to a favorite small business, perhaps even at a discount if the business is in your local community
Avoid big national retailers
Tip extra
Need more ideas? Here are a few other resources with ideas to ensure our small business community makes it through these tough times.
To see more businesses certified as practitioners of the Triple Bottom Line and doing good in their communities, visit our community page to see who they are and exactly what they do.
~benefitcorporationsforgood.com~