70% of Small Businesses Contribute to Charity [Infographic]
August 11, 2016
Small businesses continue to prove themselves as being the force that drives the economy and the community around them. When you think about Main Street USA, feelings of nostalgia and pride likely overcome your senses. The mom and pop stores that populate the streets in your local town are doing a lot more than just selling their products.
PrimePay LLC, a national provider of payroll services to small businesses, recently surveyed their clients to find out what makes them so successful. Out of more than 750 responses, he industries spanned from nonprofits to health care, construction to restaurants, technology to retail and professional services to education.
Compliance regulations are always on the top of the list for challenges that small business owners face. In fact, only 20 percent of survey respondents answered that keeping up with legislation is not super difficult. Compliance, coupled with cash flow and time management priorities make for a difficult set of burdens on small business owners’ plates.
But despite all of that, over 70 percent of companies said they are contributors to charity. That’s pretty amazing, that while businesses might be strapped for cash to pay the rent that month, they still dig deep and find ways contribute to great causes. To break down the survey results even further, the group that responded highest, was the businesses that have only been around 5-15 years.
Recent research indicates that most startups fail within the first year. But these folks who have been in business for at least five years must be doing something right. And that’s supporting the local community and their local organizations.
It’s safe to say that small businesses make an impact on more than just their own pockets. Population Main Street USA is alive and thriving and gives all those aspiring entrepreneurs out there something to believe in.
The original version of this infographic can be found here.