The Tribune

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 garage-based micro businesses, we can certainly appreciate the power of the MSME.

3 Small businesses are contributing heavily to job growth

It is not the growth of large businesses that produces the majority of Bahamian jobs. While the Government and the larger hotel chains have huge amounts of employees, those numbers still pale in comparison to the collective number of workers attached to micro and small businesses.

Most persons reading this article owe local businesses a “thank you” for their role in our economy — and for our pay cheques.

4 Small businesses are good for the environment

Green living is not just a trend any longer, and the pressure is on for businesses to adopt more sustainable manufacturing and production practices. Micro and small businesses are more open to adopting eco-friendly business models as they answer to their sustainably-savvy consumers, and have the degree of flexibility that larger companies do not.

5 Small businesses have fans

They may be small, but they have more than a few cheerleaders. Everyone loves a good underdog story, and wants to see David win the fight against the big giant. This still encourages many to spend money with the local grocer through the week as a means of encouraging them to stay in the ring. Micro and small businesses usually tend to be owned by locals, and everyone recognises the blessing in buying Bahamian.

6 Small businesses give women a fair chance

Larger companies are still overwhelmingly male dominated. Micro and small businesses give women a fair shake at ownership. With some of the entry barriers removed and less capital needed, women have a reasonable chance to make their mark.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.