You have to wonder how many small business owners sit at their desk day after day and ask themselves if what they are doing really matters. This scenario especially plays out after some kind of adversity hits. Perhaps they lost a good client, maybe one of their all-star employees walks out the door. No matter what the situation is, it will cause one to re-evaluate what they are doing. Well, what are you doing?
Small businesses come in many shapes and sizes. Some only a handful of people, others have a team of one. Other small business owners have enjoyed seeing growth go from their garage to an office with more than 20 employees. But even those entrepreneurs can find themselves asking the same question every small business does, â€śIs this really worth the effort?â€ť
Why Your Small Business Matters More Than You Know
The US Government Believes In You – The truth is, your small business matters. It really does. In fact, the US economy is counting on it. Counting on you? Yup. Research has been pouring in and the results have been the same over the last 5 years; small businesses are cropping up more and more every day and they are large contributors to the economy. Government research has also shown that we can expect that trend to continue. You should be excited to be a part of the small business revolution no matter how small your business is. It is a good time to be an entrepreneur. Even the US government thinks so. Feel proud of the path you have chosen. You are on a good road to success.
To help you understand the engine behind this, the SBA is revamping their entire model to help small business owners be able to obtain small business financing in ways that were unreachable before. If you have considered financing or investing and were unsuccessful before, there are ways to help you now so you can grow your business.
Workers Want To Work For You – Freelancers are also a kind of worker that has been growing as this trend continues. That tells us a lot about how people want to work. What was attracted people to a kind of company they want to invest their time in has changed dramatically over the years. While generations before sought the security of a large company they could be at for decades until they retired has largely been replaced by a worker who wants autonomy, flexibility and human interaction. In short, they want to contribute, not exist as part of a cog in a wheel. Maybe that is why you decided to be your own boss.
This also means that many talented individuals are seeking your small business to work on and invest their time to reap the reward of contributing to something that grows. There is much reward in knowing that your hard work made something successful in a measurable way. You donâ€™t get that at a large company.
Pay Raises At Big Companies Donâ€™t Exist Any More – For some time now, employees have seen the yearly pay raise all but disappear. If working at a large company and feeling like your work is meaningless or is going to make some unknown entity wealthy isnâ€™t enough, now you are not even being compensated for tenure. Holiday bonuses? Forget it. The latest research says that if there is even a pay raise, the average is 2.7%. For the median income across the US, that is a raise of about $1500 per year. Break that up by 12 months and you are taking home a whopping $126 bucks before taxes. Get it? There is nothing there any more. If you thought that talent was passing you up for the shiny pay that your large competitors offer, believe me itâ€™s an apparition.
You Are An Example For The Next Generation – Â Every day a small business owner starts his or her business. You know what? Every last one of those people has a story. There was a reason they broke away from the norm to take the risk of starting a business. At the same time, there is a young worker, a high school kid, who wants to be like you. Just like you. It doesnâ€™t matter what you do. If you are a plumber, a house cleaner, or a coder with a dream; no matter what, someone wishes they were you and they are watching everything you do so they can learn to be successful. If that doesnâ€™t give you a greater purpose, then nothing will.
Treat Yourself And Your Employees Like They Matter
Employees at your small business want to feel appreciated, just like you do. There are a few ways that you can do that but primarily, providing things that make them feel like you care about their personal welfare goes a long way.
Providing employee benefits with good coverage shows them that you understand their needs and want to make sure they are taken care of. If you have never considered a PEO before or if you have but decided it probably wouldnâ€™t fit your budget, take a look again. There are many affordable options for small business owners that provide everything you and your employees need without having to mortgage your business.
You and your family need benefits, your employeesÂ need benefits. Success means preparing for the future whileÂ protecting today. Weâ€™re all counting on you. Talk to a PEO broker, like PEO Spectrum and find out just how affordable and rewarding partnering with a PEO can be.