Why does economic opportunity matter? Why does small business matter?

As author Douglas Martin, economic development director, McHenry, Illinois, writes in the January/February PM article “Why Small Business Matters,” small businesses with less than 500 employees constitute 99.9 percent of all businesses in the United States and 97.7 percent of all U.S. exporting (private sector) companies.

Creating attractive opportunities for businesses to successfully grow and assisting people looking to startup or relocate new business operations are worthy goals for local governments. All of it works if cities and counties provide businesses with creative economic development opportunities, alternatives, solutions, and assistance to meet their needs.

Martin writes that the “Use of public funds for incentives and retaining a high-level of fiscal transparency and accountability are essential.” He cites Littleton, Colorado, McHenry County, Illinois, and Columbus, Ohio, economic development examples.

He finishes the article by noting that relationships, collaboration, and social capital are critical in achieving success in economic development. A list of some 17 resources is provided in the article.

For more specific details on this and other topics, read the January/February PM.

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