New Research on the Importance of Montana's Small Businesses

With Small Business Saturday just ahead on November 30, new research released today by the nation’s leading small business association showed just how valuable Main Street enterprises are to local communities as well as to local economies.

“Our report looked at the volunteering of time, financial support, and in-kind contributions small business owners make, and it’s beyond significant,” said Ronda Wiggers, Montana state director for the National Federation of Independent Business (NFIB), whose Research Center produced the 2024 Small Businesses’ Contribution to the Community report.

According to the nationwide survey: “About three-quarters (76 percent) of all small business owners reported volunteering their time to work on behalf of civic groups, charities, youth sports programs, schools, religious organizations, or similar activities in the last 12 months.

“Financial support was the most common method small businesses used to support their communities … Ninety percent of small business owners have financially supported community or civic groups, charities, youth sports programs, schools, religious organization, or similar activities in the last 12 months.

“Sixty-three percent of small business owners reported providing in-kind contributions … (e.g., providing a meeting space for a local fundraiser, donating excess inventory for a cause, offering auction items to raise money, etc.).”

The report also looked at the types or groups of activities small businesses are part of. The report is a national snapshot of NFIB-member, small-business owners not broken down by state. The typical NFIB member employs between one and nine people and reports gross sales of about $500,000 a year.

“The importance of small businesses to local economies has been well-known for a long time, such as the fact that 67 cents of every dollar spent stays in the community and not shipped off to companies based out of state,” said Wiggers. “Our report showed the many other ways small business owners contribute to their communities.”

Wiggers added that a healthy Small Business Saturday, which saw people spend $17 billion last year, helps make for healthy economies and communities all year round. “Small businesses operate on the narrowest of profit margins, and with the life of the Small Business Deduction on their taxes in doubt, every little bit helps and is urgently needed. That’s why I’m hoping Montanans turn out en masse, not just on November 30 but also every day, to help give a financial shot in the arm to their friends, neighbors, and families working at the small businesses that turn around and do so much for the friends, neighbors, and families of every community in return.”

Keep up with the latest Montana small business news at http://www.nfib.com/montana or by following us on X at @NFIB_MT.