Our parent company Paychex has put together some interesting statistics that illustrate the importance of small business to the overall economy.
It has often been said that the true engine of the economy is small business, and the Paychex infographic puts numbers to that truism.
For example, it shows:
- An estimated 50 million people are employed by small business.
- About 40 percent of those 50 million work at companies with 20 employees or less.
- These 50 million people represent slightly more than one-quarter of the working population of the country.
- Small business generates 40 percent of all business receipts in America every year—an estimated $11 billion.
In addition to the cold, hard financial numbers, the infographic illustrates that small business owners are also a huge generator of compassion and concern in their communities. According to the infographic, 90 percent of small businesses contribute money to charity and 70 percent give both time and money.
“Small businesses do more than provide services and products; they strengthen and shape our communities, our economy, philanthropic efforts, and innovation,” said Martin Mucci, president and CEO of Paychex. “As a co-sponsor of National Small Business Week, we are proud to honor the work of America’s small businesses and we look forward to continuing our role as their partner.”