Small-Business Growth Has Economic Benefits

A promising way to jumpstart the U.S.
economy is by helping more entrepreneurs establish their own businesses. The 30.2
million U.S. small businesses represent 99.9 percent of all businesses in this
country. They employ nearly half (47.5 percent) of America’s total workforce.1

If you need further proof that
small businesses can provide an economic boost, consider that in July 2019 alone,
small-business loan applications grew to a post-recession record of more than 27%
at big banks ($10 billion-plus in assets) and more than 50 percent at small
banks. As small businesses grow, they use borrowed capital to hire more
workers, expand to new locations and increase inventory.2

Small-Business Planning

Starting or expanding a business
takes know-how, capital and a strategic understanding of your market. Because
small-business entrepreneurship can be risky, it helps to first get your
financial ducks in a row to help ensure that any business declines don’t affect
your personal finances. Give us a call if you’d like some help structuring your
assets to help protect them from business losses. Our goal is that they
continue to grow throughout your career as a business owner.

Using strategic tactics can help
keep capital flowing. Such options could include outsourcing accounts
receivable collections to a third party in order to get paid sooner, applying
for a microloan from a U.S. Small Business Administration partner financial
institution to help cover a one-time overhead expense or keeping technology
expenses low by shopping for free or low-cost software options that can scale with
business needs.3

Another way to help reduce costs while
supporting local economies is by starting or relocating businesses to a post-industrial
town. Many of these places have seen declines as factories and plants have
closed throughout the past decade. Not only can business owners find cheaper
property and plentiful labor sources, the business may prove to be an important
boost for the local economy.4

New Networking Options

For those who are consultants or own
a small business, the career networking site LinkedIn can help simplify
marketing. The website recently announced a new feature for freelancers and
small-business owners to showcase their services on their LinkedIn profile,
allowing members to search specifically for services based on keywords. For
now, the new feature is available only to freelancers and small-business
leaders who have a U.S. premium business subscription, but it’s scheduled to be
rolled out to nonsubscribers this fall.5

Other time-saving features on LinkedIn
include the ability to use it as an informational website for your business instead
of maintaining a separate site. Also, at any time you can print a PDF of your
profile, which converts into a professional-looking resume.6

Content prepared by Kara Stefan

1 U.S. Small Business Administration. 2018. “2018 Small Business
Profile.” Accessed Aug. 23, 2019.

2 Rohit Arora. Forbes. Aug. 7, 2019. “Small Business
Loan Approvals at Banks Hit Record Highs.” Accessed Aug. 12, 2019.

3 Serenity Gibbons. Forbes. Aug. 8, 2019. “How Small
Businesses Can Grow On A Tight Budget.” Accessed Aug. 12, 2019.

4 Adi Gaskell. Forbes. Aug. 12, 2019. “Can
Entrepreneurship Breathe New Life Into Post-Industrial Towns?” Accessed Aug. 12, 2019.

5 Peter Economy. Inc. July 23, 2019. “If You’re
Freelance or a Small-Business Owner, LinkedIn Just Revealed a New Feature That
Changes Everything.” Accessed Aug. 12, 2019.

6 Paige Doepke. Jan. 14, 2019. “How to Download a Resume
from LinkedIn.” Accessed Aug. 23, 2019.

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