When we say “small business,” it sounds “small” but in reality there are approximately 28.2 million small businesses in the US according to the US Small Business Administration.
More than half the working population works for a small business – that’s 120 million people! Small businesses have been generating more than 65% of new jobs since 1995.
The definition of a “small business” can vary by source or industry, however it is generally defined as an independently-owned company having less than 500 employees. By definition, PawnMaster is a small business supporting small businesses like you.
Giving Back
When consumers support small and local business, they are essentially giving back to their community. Small businesses contribute to taxes that are used for police departments, fire departments and schools. In addition to taxes, small business owners are more likely to give back to their communities and even team up with other small businesses to support local causes.
Understanding their Customers
Small businesses have the ability to turn on a dime and respond quickly. They are usually more in touch with their customers’ needs because they’re closer to their customers. This gives them the ability to exceed customers’ expectations, generating loyalty. “As a small business, your greatest competitive advantage against Goliath is the ability to feel your own pulse – the granularity of how you function.”
Quality
As a small business, you have the ability to maintain a close relationship with your customers’ needs, understand your geographic area so you can choose prime locations, stock products that are of interest, and monitor the quality of your inventory based on all of those things.
On the Contrary
Larger corporations can miss the mark on these things as they are bogged down by the rigidity of corporate policies, and inability to communicate effectively across functions due to their size. “Often times, in an effort to cut expenses, the giants will make significant compromises in quality and service.”
Certainty and Stability
Owning a small business comes with its own set of challenges. Our job here at PawnMaster is to minimize those challenges by providing the tools to run and manage a business efficiently and effectively. Getting to know our small business owners and helping them achieve success has always been a passion of ours.
Whether you’re looking at it from a consumer perspective or as a business owner, you have to agree that small businesses play an important role in our economy as well as our experiences. And that’s why PawnMaster remains focused on providing a tailored software solution for small businesses, to do business the way they want to do business.
