[Source: 1st Century Bank and Beacon Economics] Small companies are drivers of ingenuity and progression, yet within the economic sector, their contributions are often overlooked. The media relies largely on macro data — primarily GDP and the S&P 500 (a snapshot of the largest 500 publicly traded companies) — to gauge the health of the U.S. economy. A look at small business, however, can reveal more nuanced insights. Small companies are, in many respects, the most fragile businesses — fighting for market share, funding, sales and profits while balancing the costs of payrolls and new technology to stay competitive.
For small businesses in core workforce industries (Professional, Scientific & Technology; Finance & Insurance; Real Estate & Leasing; Administrative Support; and Information), there are tremendous barriers to entry. How can a small company compete with corporate titans? The answer is, in today’s economy, there are more than enough sales and profits to go around. Small businesses are succeeding in their own space, growing rapidly as they ride the economic wave alongside their mainstay rivals. The first half of 2018 is a time of optimism and expected growth.
To read the full 12-page report from First Century Bank and Beacon Economics, click the image below:
