As the American economy continues to shift and evolve, citizens' confidence in small businesses has remained steadfast.
Above all other institutions, it appears Americans have the most confidence in small businesses.
A Gallup poll on institutional confidence in small businesses revealed that American adults have high confidence in small businesses.
Eighty-three percent of respondents reported having “a great deal” or “quite a lot” of confidence in small businesses. In contrast, only 17% reported having “very little” or “no confidence” in small businesses.
The survey also revealed that 81% of respondents believe that small businesses are more likely to create jobs than large businesses.
Additionally, 85% of respondents believe that small businesses are more likely to provide better customer service than large businesses.
READ NEXT: Preparing (And Growing) Your Small Business - Even In A Recession
small businesses remain the most trusted institution in America
According to a 2019 survey conducted by the U.S. Chamber of Commerce, small businesses remain the most trusted institution in America.
The survey found that small businesses had the highest trust ratings of any institution, with 80 percent of Americans expressing a favorable opinion. This is the highest rating small businesses have ever held in the survey.
This high level of trust is likely because small businesses are seen as the backbone of the American economy. They employ millions of people, provide essential goods and services, and support local communities.
Small businesses are also seen as more responsive and accountable to the public than large corporations.
Small businesses tend to be more personal, with owners and employees often forming customer relationships. This allows small businesses to stand out from larger corporations, which often have a more anonymous relationship with customers.
The survey also found that Americans have less confidence in larger corporations, the government, the media, and other institutions.
While these institutions may have some advantages over small businesses, it appears that citizens have more trust in small businesses.
Overall, the survey results show that Americans strongly trust and have confidence in small businesses.
This is good news for small business owners, who can use this trust to build strong relationships with customers and create a successful business.
READ NEXT: In Tough Economic Times, The Small Businesses That Increase Marketing Win
Why do Americans have so much confidence in small businesses?
Americans have a great deal of confidence in small businesses because of the entrepreneurial spirit that is so deeply ingrained in the American psyche.
Small businesses represent a unique opportunity for individuals to control their destinies and be their bosses. They also provide a way for individuals to create jobs in their communities and contribute to the local economy.
Furthermore, small businesses are often seen as more nimble and better able to provide personalized services than large corporations.
What is the best way to support small business?
The best way to support small businesses is to shop locally and to spread the word about them. This means buying products and services from small businesses in your community.
Additionally, you can spread the word about small businesses and help them grow by leaving positive reviews on websites like Yelp, Google, and Facebook.
Engaging with them on social media and attending any events or promotions they host can also be a great way to show your support.
Finally, you can volunteer your time to support a local small business in your community.
READ NEXT: How To Protect Your Business Against Employee Lawsuits
The Rub
In conclusion, small businesses are the backbone of many communities, and their success largely depends on their trustworthiness.
Small business owners need to create a culture of trust to build relationships with their customers, employees, and vendors.
By demonstrating reliability and accountability, small business owners can create loyal customers, attract talent, and develop strong partnerships.
Trust is the foundation of any successful business, so small business owners must prioritize trust.
At Rogue Risk, we believe a solid commercial insurance program provides the sustainability needed for businesses to take the necessary risks for profitable growth.
If this is the relationship you want with your insurance broker, we would love to talk to you.
- You can call or text us at 518.960.6600
- Click here to contact us via email.
I'm excited to introduce you to a new way of viewing your insurance program.
Thank you,
Ryan Hanley
