Small businesses are standalone companies with fewer than 99 employees that are headquartered in the same state they operate within. [2] X Research source Small businesses tend to hire within the community, and they spend their supply budget locally, more so than large chains. Money spent within a community tends to circulate more than money spent at large companies, meaning that it benefits more people and stimulates greater growth. [3] X Research source Avoid large businesses. National and international chains employ a lot of people, but they actually depress economic growth. Money spent at large chains tends to circulate longer within the company rather than returning to the economy. [4] X Research source
Groceries are another major expense. Do your grocery shopping at the local corner store, coop, or farmer’s market instead of a major chain or an online grocery service. The rise in online shopping means you may have less control than ever over where your money goes. Before you buy online, ask yourself if you can find the same goods at a nearby store. If you can’t, try to find online vendors who sell directly from their own website and are located within your state.
Register to vote. [6] X Trustworthy Source USA. GOV Official website for the United States federal government Go to source When you find a candidate you support, do more than vote. Volunteer for your candidate’s campaign, or volunteer to work the polls. [7] X Research source
Fund early childhood education. Federal investment in effective pre-school programs can produce substantial economic benefits. Quality preschool improves lifetime educational and financial achievements for the children involved. Publicly funded preschool could increase the future economic contributions of all children involved. Support measures to lower the cost of college. While it may appear that youth are over educated, the market for college-educated employees is growing, not shrinking. [9] X Research source However, today’s college-educated youth are saddled with debt that inhibits their spending and entrepreneurial activity. [10] X Research source Provide training for laborers. High-skilled laborers are a boon to the economy. Support federal and state funding for training programs for high-demand jobs, such as nurse practitioners. Create tax incentives for companies to provide job training to veterans, high school graduates, and the unemployed. [11] X Research source www. oecd. org
Expand SNAP. SNAP is the Supplemental Nutrition Assistance Program, formerly known as the Food Stamps Project. [13] X Research source It provides low-income families with nutritional assistance. For each dollar the government spends on food stamps, the economy benefits $1. 84. However, only 75 percent of people eligible for SNAP apply. To increase the economic benefits of SNAP, advocate for greater outreach to eligible households. Advocate for a program to mail applications to the unemployed. Support the expansion of Medicaid. States that expand Medicaid under the Affordable Care Act see budget savings and, in many cases, increased revenue. [14] X Research source Raise the minimum wage. More than 1 in 4 workers would benefit from an increase of the minimum wage, which would lower debt, increase spending, and benefit local businesses. [15] X Research source Mandate the refinancing of private mortgages. The 11 million U. S. citizens struggling under the burdens of negative mortgages, in which the money owed is worth more than the house itself, are trapped in a lose-lose situation that has an enormous negative effect on the economy. Allowing these homeowners to refinance would allow them to forego desperate measures that depress the economy, such as foregoing necessary purchases or running up credit card debt. [16] X Research source
Use local vendors for your company’s goods and services. You will contribute to your local economy, and you will benefit your personal brand by building name recognition and loyalty in your region. Produce goods at home. While the immediate benefits of lower costs and fewer regulations may make it seem financially wiser to locate your factory abroad, the costs of doing so may ultimately outweigh the gains. Costly factors include underemployed, unskilled laborers (and a resulting drop in efficiency and productivity), the costs of relocation, and the dramatic changes to wages to which developing economies are prone. [17] X Trustworthy Source Harvard Business Review Online and print journal covering topics related to business management practices Go to source
Hire full-time employees. More U. S. Citizens are working part-time jobs than before the recession, and they aren’t doing so by choice. Give your employees the chance to commit to your company and earn enough to support themselves by offering full-time work whenever possible. [20] X Research source Offer investment opportunities so your workers can share in your company’s profits. Consider the “Henry Ford way. " If your employees can’t afford to buy what they help produce, raise their wages until they can. [21] X Research source
Telecommute. Save money on office space and supplies by allowing your workers to telecommute all or part of the time. Productivity increases an average of 10-20% when workers work from home, and your business will save thousands of dollars per employee each year. [23] X Trustworthy Source Harvard Business Review Online and print journal covering topics related to business management practices Go to source If telecommuting leaves you with unused office space, sublet it. [24] X Research source
