This Thanksgiving, in addition to being thankful for the food on our tables and the love and health of family and friends, I will also be praying that solutions are found to keep us from falling off the proverbial “fiscal cliff” before the end of the year. I know small businesses and the tenacity of our entrepreneurs will be hard at work no matter what happens to the stock market, and that many local economies remain strong. In fact, I just read a blog that says that includes a Bank of America survey that seems to back up this idea. The blog, titled, “Why a Local Economy’s Strength is Critical to Small Business Success” by Cheryl Munk, starts with the following paragraph:
Even if fiscal cliff fears play out and the national economy cools down, strong local economies may provide an extra layer of insulation for many small businesses.
A new Bank of America survey published today underscores just how important the local community is to small businesses. The Bank of America Fall 2012 Strong Local Economies May Shield Small Businesses From Possible National Downturn shows that the majority of small business’s customers come from the community in which their business is based. The survey of 1,003 small business owners in the U.S. was conducted by Braun Research in September and October.
Sixty-three percent of respondents said most of their customers come from their local community, while 27 percent said the majority of customers come from outside their local community, but within the U.S. Just 3 percent said that most customers are from outside the U.S.
Small businesses are run by very energetic and enthusiastic entrepreneurs, so I find this easy to believe. For everyone’s sake, I hope it is true. I have always believed that small businesses are the backbone of our economy and hope that new government regulations and health care requirements won’t squelch or hinder your ability to succeed. I know that many businesses are concerned about rising labor costs, (look what is happening to Hostess, even though Twinkies might be an outdated concept…) I know I am. But all that aside, remember to recognize and patronize the small businesses in your community during this holiday shopping season. Once the Thanksgiving dinner dishes are done and the football games are won, and you’re no longer waiting in any lines to participate in Black Friday shopping madness, take some time on Small Business Saturday, taking place on November 24th, 2012. Your local economy will appreciate it and hopefully the warm feeling you get from helping a small business be successful will be just as good as your Thanksgiving leftovers. From our family to yours, have a safe and blessed Thanksgiving everyone. Be kind!