WHY WE MUST CHERISH OUR SMALL BUSINESSES

Here are seven reasons to support micro and small businesses.

1. Small businesses promote healthier communities

Small businesses benefit local economies, and are essentially the bedrock of the Bahamian economy. It is believed that countries with strong micro and small business sectors have thriving economies, since much of the revenue gains are pumped back into the local community. The multiplier effect results in more jobs, entrepreneurship and stronger communities.

2. Small businesses are driving innovation

Small businesses are at the forefront of innovation because they are on the ground, hearing and solving real issues that consumers face on a daily basis. A recent US study reveals that micro and small businesses produce more than 16 times more patents per employee than large companies. All of those new, emerging technologies benefit our quality of life by introducing transformative new products and services — not just the next big thing. If you consider that some of the major technology giants started as garagebased micro businesses, we can certainly appreciate the power of the MSME.

3. Small businesses are contributing heavily to job growth