Small Businesses: The Backbone of the U.S. Economy
While the media spotlight frequently illuminates major corporations, a staggering 32.6 million businesses exist in the United States, with fewer than 21,000 employing over 500 individuals, as per census data.
Recent initiatives in Toledo and Perrysburg serve as noteworthy examples focusing on the vast majority of small enterprises that operate below this threshold.
Small businesses often fade into the background. They are neither traversing the nation in search of prime locations for billion-dollar ventures nor do they possess legions of consultants orchestrating intricate development incentives.
Additionally, they rarely engage lobbyists striving for preferential treatment in legislation or tailored bidding specifications for their products.
However, the substantial presence of small businesses necessitates that local governments prioritize their competitive viability and devise development programs that encompass their needs.
The vacant storefronts that arise in the wake of small business closures are akin to absent teeth in a city’s otherwise vibrant smile.
This week, the Perrysburg City Council prudently broadened its 20-year-old Job Creation Grant Program to now include businesses with a payroll of $200,000, significantly down from the original $2 million stipulation.
This initiative allows Perrysburg to rebate 33 percent of the income tax on newly created jobs as an incentive, thereby enhancing the financial feasibility of expansion. Given the undeniable significance of small businesses in downtown Perrysburg, the incentive escalates to 38 percent for establishments situated in this area.
Furthermore, the Ohio Chamber of Commerce Small Business Council recently unveiled a statewide digital advertising initiative, collaborating with Toledo-based entrepreneur Easton Gladney’s Digi Discounts.
This online application empowers Ohio’s small businesses to provide discounts and promote their offerings through a Digi Discount link, disseminated across ten social media platforms—completely free of charge.
Other platforms typically impose fees for listings or take a percentage from sales. In contrast, the funding for Digi Discounts comes from advertisers, while small business partners harness this influx of users to make their marketing endeavors more strategic.
This innovative model, devoid of costs to participating companies, is essential for the 78.5 percent of firms employing fewer than ten people.
Visibility is vital for these small enterprises; however, fees that erode profit margins tied to marketing platforms pose considerable challenges.
Rectifying this dilemma was paramount in Digi Discount’s collaboration with the Ohio Chamber of Commerce. A successful integration with the 8,000 small business members in the Ohio Chamber’s network could potentially inspire other state chambers to engage with Mr. Gladney’s offerings in Toledo.
As small businesses navigate an ever-challenging landscape, every possible advantage is paramount for their survival. If Digi Discount proves advantageous for profitability, it may well evolve into a significant player in the marketplace, attracting interest from economic development agencies proliferating in northwest Ohio.
Source link: Newsbreak.com.
