Maryland vs. Cornell in NCAA men's lacrosse championship game

Small business success equals community success


The great businessman Harvey McKay once said, “People begin to become successful the minute they decide to be.”  

Another great quote by Albert Einstein, he said “The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking.” Simply put, we need to believe we can change and then we must alter our traditional thinking to enact and facilitate that change within our community.  

Small businesses and communities have been challenged in recent years, through all of this, we must remind ourselves of the true value small business brings to our community.  Analyst Nick Rokke, of the Palm Beach Daily, pointed out some interesting small business facts.  Small businesses make up 99.7% of U.S. companies. These same small businesses employ 49% of Americans and create 64% of all new jobs.  

Let those figures sink in!

Prior to 2020, the business environment was generally robust in most communities throughout the country should come as no surprise. Beginning in 2020, the dynamic changed almost overnight. Even communities that incorporated many of the proven successful tactics such as micro-TIF’s, favorable tax rates, fewer regulations, city commitment, and other initiatives to assist small businesses, found themselves struggling to survive.

The equation is simple, with fewer regulations, businesses can more accurately predict the future allowing them to hire more employees or expand. Competitive tax rates allow businesses to keep more of their profits providing the ingredients of a strong small-medium business inducing environment.  Micro-TIFs provide targeted funds for targeted areas of your community. City commitment instills confidence and support. 

Why is this information important?  Now is the time every community in America must shine their light inward and determine if their community is doing everything possible to support and build their future through their small business base.  Communities must double down on their efforts to assure small business growth.  Now is the time to spring into action and create an atmosphere of innovation, change, entrepreneurship, collaboration, and synergies.  

There are many reasons why this may not be occurring in your community. It may be regional headwinds not seen in other portions of the country, such as being tied to oil prices. It may be local and state taxes coupled with regulation, such as we see in states like Illinois, New Jersey, or California stifling growth. It might be a soft labor market where jobs are hard to fill. The list of economic reasons is practically endless.


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