Your Small Business is the 'Cornerstone of the US Economy'

It seems that in the ongoing discussions about job growth potential in America, the focus falls on the victories and failures of the nation’s big businesses, when the real spotlight should be on the true backbone of our economy — successful small businesses.

This hard-working group includes the majority of practicing veterinarians. Despite the challenges of veterinary medicine, veterinarians do an excellent job of succeeding in business. In fact, the education and health industry has the nation’s second highest four-year success rate (56 percent), according to the Statistic Brain Research Institute.

It’s America’s small businesses that are the real engine of our nation’s commerce. And there are plenty of facts from the U.S. Small Business Administration and U.S. Department of Labor to support this claim:

• Small businesses account for 99.9% of the country’s companies.
• Small businesses in the U.S. employ 57.9 million people, or 47.8% of the private workforce.
• Health care and social assistance companies account for 46 percent of the small business employment share.
• Women, who now comprise a majority of the nation’s veterinarians (both practicing and in veterinary school) own 36 percent of businesses.
• Almost all (99.9%) of women-owned businesses are considered small businesses.

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The sentiment that there is strength in these companies is echoed throughout business world. In a recent Wall Street Journal opinion piece, Juanita D. Duggan, president and CEO of the National Federation of Independent Business, called small businesses “the cornerstone of the U.S. economy.”

She believes that major federal tax reform being debated in Washington, D.C. would go a long way toward helping small business owners. “What gets lost in the conversation is that three-quarters of American small businesses pay taxes as individuals,” explained Duggan. “Their top federal rate is 43.3%, which is substantially higher than the current top rate for large multinational firms. When state burdens are added, small businesses are sending close to half their income to the taxman.”

In addition to potential tax burdens and the uncertainty of reforms, the cost of health insurance benefits, lack of qualified workers, decline in customer spending and lack of available capital top the list of common concerns among small business owners. This is according to the National Small Business Association’s 2017 Mid-Year Economic Report.

Still, small business owners are optimistic by nature — 83 percent of small business owners are confident about their future — and they’re looking to grow their businesses in the near future. Owners say they will attempt new advertising and marketing strategies, expand internet/e-commerce initiatives, seek out strategic alliances and hire new employees.

How will you grow your veterinary practice in the year ahead?

Greg Kelly is a long-time health care writer and editor. He has written for the Physician’s Money DigestTM, Dentist’s Money DigestTM and Veterinarian’s Money DigestTM websites. He lives at the Jersey Shore and welcomes comments at gregkelly@monmouthbeachlife.com.