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</html>";s:4:"text";s:7486:"Here, we outline five important reasons for local officials to support independent businesses, based on a growing body of research. Business pays a large share of taxes to government. What is business intelligence? Why is franchising important in today’s economy? They also spark innovation and bring original … The economy tends to follow a business cycle of economic booms followed by periods of stagnation or decline. The growth rate in GDP if consistent is obviously considered good. But, it is important, very important. For much of the 1600s, the American colonies operated as … 08- Raising standard of living. The greater diversity we have in the economy, the easier it is for the economy to withstand tough conditions. Not only because they are seen as a fundamental factor by top institutions are they important, but in a way, the country’s worth could be represented by the GDP. Higher incomes have lead to increase in the standard of living in people. Governments and corporations are tuned in to the role small businesses play in the U.S. economy. They can be individuals or business units from a sole proprietorship to large corporations. What are the biggest advantage and the biggest disadvantage of franchising? And this is why: 1. Services occupy an important role in modern business life. She writes about the U.S. Economy for The Balance. To help you with critical decisions. The misguided media is missing the real news—small business owners are powering ahead. Community Involvement. Gross Domestic Product (GDP) aims to best capture the true monetary value of our economy. Business intelligence (BI) is a technology-driven process for analysing data and presenting actionable information to help executives, managers and other corporate end users make informed business decisions. To outline the importance of business plans, here are 10-reasons why you need one for your small business. The gross domestic product (GDP) is a vital measure of a nation's overall economic activity. Put simply, if GDP is up on the previous three months, the economy is … Franchise businesses help to support the local communities. To those who struggle daily to succeed in business, it is well known that the rules of government and the customs of the community can influence the scope of economic activity. 1. They give potential business owners a model and platform to jumpstart a business. The amount you pay, or the market value of that good or service, is what’s important as these are added together to get GDP. So, without any further ado, here’s a detailed list of some of the most useful stats for business owners and future entrepreneurs. An Economy Built on Slavery. During boom periods, jobs tend to be plentiful, since companies need workers to keep up with demand. Small business ownership has been a pathway to the middle class for generations of Americans and continues to be a crucial tool for expanding prosperity and community self-determination. Business is extremely important to a country’s economy because businesses provide both goods and services and jobs. The biggest advantage is recognition. 2. When unemployment is low, consumer spending tends to be high because most people have income to spend, which is good for businesses and helps drive growth. Gross domestic product (GDP) is a key government statistic and provides a measure of the UK's total economic activity. The new business statistics from Fundera’s study showed that small business owners work harder but don’t make as much as the traditional CEOs. Business also helped the people to earn living either as owners of the business or employees. That’s why global investment banks such as Goldman Sachs do their part to support small business. 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