Small But Mighty: The Importance of National Small Business Week

Since 1976, LMD has operated as a woman-owned small business (WOSB). We’re proudly part of a vast network of U.S. companies that are small in size, but mighty in impact. That’s why we recognize National Small Business Week every year to celebrate the contributions of small businesses. Hosted annually by the U.S. Small Business Administration (SBA) and SCORE, this year’s National Small Business Week takes place April 28–May 4, 2024, and honors the nation’s small businesses and entrepreneurs with a variety of events and an educational virtual summit.

Small Business Is a Big Deal

If our economy is a house, small businesses are the bricks, concrete, and beams that create the house’s structure and strength. As of March 2023, the SBA reports there were approximately 33.2 million small businesses in the United States. These small businesses collectively accounted for 99.9% of all businesses in the country and employed nearly half the private-sector workforce.?

But the impressive numbers don’t end there. Earlier this year, President Biden shared in a statement that 16 million new business applications were filed during the first three years of the Administration—a roughly 85% increase in the average monthly applications compared to the period between 2004 and January 2021, according to U.S. Census data. This small business boom is unprecedented, and one that shines a spotlight on just how powerful small businesses can be on the country, local communities, and individuals.

What Impacts Do Small Businesses Make?

The list of impacts small businesses make is endless. Below are just a couple ways near and dear to us at LMD:

Small businesses innovate. Small businesses are hotbeds for new technologies and ideas that challenge industry norms and drive progress—so much so that the SBA even has an entire set of programs called America’s Seed Fund dedicated to fostering innovation from technology-focused entrepreneurs. The programs offer award-based funding opportunities that help lead ideas from prototype to commercialization, allowing government agencies to meet their missions and enabling new technologies to benefit the American people. Small companies like Qualcomm and 23AndMe found success with the help of America’s Seed Fund.?

• Case in point: LMD supports our clients with the help of multiple everyday technologies, many of which once started as small businesses—companies like SurveyMonkey, Zip Recruiter, or MailChimp.

Small businesses empower communities. Small businesses support local communities by providing personalized service, organizing events, and offering spaces and programs that enhance and strengthen neighborhoods and the quality of life for the people living there.?

• Case in point: As a small business, LMD is passionate about giving back to our community, and regularly participates in community-focused events and initiatives. During the height of the COVID-19 pandemic, LMD donated dozens of meals and gallons of hand sanitizer to the Laurel (Maryland) Volunteer Fire Department through an initiative called “Fortify Our Front Lines.” While we are extremely proud of our ability to support the community, we’re even more proud to know small businesses everywhere are known for doing the same.

Get Involved in NSBW 2024

The SBA and SCORE provide several ways to celebrate National Small Business Week. The 2024 Virtual Business Summit, April 30–May 1, 2024, is free to register, fully online, and features expert-led webinars, interactive exhibits, and networking opportunities. If you want to get inspired, you can view a list of companies from 2024 and years past that were recognized with awards for their impacts and achievements.

And of course, remember to engage with small businesses beyond just National Small Business Week and Small Business Saturday!

Brandon Aksteter

Brand & Communications Strategist

Brandon is a skilled communications strategist with expertise in branding, paid media, copywriting, and digital marketing. He develops data-driven marketing plans and executes impactful multimedia campaigns. Brandon’s writing and messaging skills support the development of brand messaging, radio and video scripts, digital ad copy, social media content, and much more. Brandon is Google Ads Certified and also lends his expertise to our client's digital projects.