Small businesses represent 95% of all companies yet few recognize the economic effect they have on the local and national economy. Big business conduct expensive economic impact studies for use in lobbying against regulation or requesting tax breaks. Small enterprises should be appreciated for the jobs they create and boosting tax revenues too.
Small businesses shy away from economic studies due to the high costs ranging from $15,000 to $20,000. This app will enable small business owners to express the economic impact their individual business brings to the local economy.
Why this information is useful:
• Tax breaks
• Bank loans
• Certifications
• Bidding
• Lobbying
• Non-profits going for grants/support
All you need to input are four items (the last three are from your profit & loss report):
• Years in business
• Payroll
• Overhead
• Cost of goods sold
After the input, the app uses a multiplier (this calculates the effect of initial spending that generates re-spending).
The last page reveals the impact of your small business on the economy. No data is saved or stored in the Bizimpact calculator, so be sure to download a PDF of your results or share them on social media.