Happy Friday! We hope you’ve had a great week – after all, it was National Small Business Week!
What’s Small Business Week you ask? Dating back to 1963, the President has announced National Small Business Week every year. The purpose of this event is to recognize and celebrate the important, inspiring and amazing contributions of entrepreneurs and small business owners (personally, we think small businesses should be celebrated all the time.)
In honor of National Small Business Week, we want to share some of our favorite fun facts about small businesses – after all, we think they’re pretty neat!
- According to the Small Business Administration, more than half of Americans work for or own a small business, and they create roughly two out of every three jobs in the US.
- There are somewhere around 30 million small businesses in the US and of those, roughly 22 million consist of one lone employee!
- One of the fastest growing industries for small businesses is the service industry – think auto repair and hair salons (but likely not in the same place.)
- In 2015 alone, venture capitalists invested nearly $60 billion in small businesses. People know and understand the importance of these businesses – they show that by supporting ones they believe in.
- Good news on profits! 2016 was the fourth consecutive year of improved net profits seen in businesses with less than $5 million in revenue.
- Three of the top five challenges said to be facing small businesses in 2017 are increasing profit, growing revenue, and cash flow – finances really do matter!
- Some of the biggest names in the business world (think Apple, Starbucks, Coors) all started out as small businesses, thanks to some generous funding.
- Over half of small businesses have a CFO or controller (either in house or outsourced) managing their finances.
To top it all off, check out this video that shows even more statistics of just how important small businesses are:
We truly enjoy working with small businesses, and we’re happy to celebrate National Small Business week with you!