4 Things Your Business Can Do to Help Improve the Economy

If you have been tuning into the Presidential debates lately, you may be aware that there is a slight difference of opinion on what the government should be doing to improve our economy. At ExactSource, we're not keen on the idea of idly standing by.

While this upcoming election is focused on economy...economy...did we mention economy...we thought about some ways that private industry can grow their business, save some money and in turn, help to strengthen the American economy at the same time.

1. Make do with less

Small businesses are a key factor in boosting the economy and that’s why it’s critical to keep them afloat. Small businesses not only provide jobs for over half of the nation’s workforce, but they also create more than 50% of the nonfarm private gross domestic product. So in an economic downturn such as this, it is important that small businesses find better, faster, and cheaper ways of doing things.

If all companies would utilize today’s technology, they could cut a lot of unnecessary spending. Instead of flying clients in, arrange videoconference meetings. Market your business using free social media platforms. Automate your processes such as invoicing, receiving, purchasing, and inventory control and trim unnecessary overhead. If businesses would reduce certain fixed costs, they could use that money to pump back into the American economy and hire more workers. After all, if our employees – the American consumers – have more money to spend, small businesses like yours will continue to succeed.

2. Outsource your hiring needs
Here’s a riddle for you: If our nation’s unemployment rate is at 8.1%, why are there 3.8 million jobs in the U.S. that remain unfilled? The answer: many companies have a broken hiring process. An inforgraphic found on Mashable Business reveals that 52% of hirers decided not to hire anyone at all because they couldn’t find the right fit. Not only is this a missed opportunity for any of the 13 million unemployed, but it also costs your business money to have a position go unfilled.

The problem doesn’t end there. 43% of employers reported that vacant job positions at their company haven’t been filled in the anticipated timeframe, and more than 70% of people surveyed reported that more than 3 people at their company are involved in any given hiring decision. If companies are focusing all their time and energy trying to fill positions, that means they are not focusing their time and energy on doing their own jobs. There’s a simple solution to this problem - outsource your hiring needs. Recruiters have the experience and time it takes to find the right candidates. Not only will you save time and money on the hiring process, but you will also have better candidates to choose from and a guaranteed filled position.

3. Hire Veterans & Unemployed

According to a recent Bloomberg article, over 30% of our country's veterans are unemployed - and this number is on the rise. In most cases, these are potential employees with a calibrated skill-set, discipline and loyalty gained from service. Many unemployed jobseekers out there have the right qualifications and experience, but are getting the short end of the stick because they’re currently out of work. Besides boosting the employment rate, there are also tax benefits under the HIRE Act available to employers who hire certain previously unemployed workers. Finally, you may see a better work ethic from a recently unemployed worker.

4. Allow employees to telecommute

Working from home brings tremendous benefits not only to the economy but to your business, the telecommuter, and the environment as well. By allowing employees the option of working from home, you can certainly expect them to do more with fewer resources. You can also save money on office costs by reducing the amount of office space required. The teleworker is able to increase productivity by eliminating the time spent on commuting to and from work and the interruptions often taking place in busy offices. Another infographic on Mashable Business found that working from home increases productivity an average of 10-20%. Not to mention the oil we could save. If half the American workforce telecommuted just 50% of the time, we would save one-third of America’s yearly Persian Gulf oil imports.

Obviously we have a long way to go to get our economy back on top, but if every business put forth a little effort, we'd certainly be taking steps in the right direction. The initiatives listed above not only benefit our economy, but they are advantageous to your business as well. You could be helping everyone while helping yourself at the same time. Don't you just love when everyone wins?

Do you have any other suggestions on what businesses can do to help improve our economy? Share your ideas with us in the comments below!

If you're interested in learning more about outsourcing your hiring needs, check out our free whitepapers on Recruitment Process Outsourcing:

Why is business so important to a country's economy?

Business is extremely important to a country’s economy because businesses provide both goods and services and jobs. Businesses do these things much more efficiently than individuals could on their own.

Businesses are the means by which we get most of the goods and services that we, as consumers, want and need. You will presumably be reading this answer on a computer that was produced by a business. You are buying internet access from a business. Almost everything that you use in your everyday life was produced by a business and sold by yet another business. Without these businesses, it would be very hard for us to get the things we need. Imagine, for example, how hard it would be for one person to build and sell their own computers from scratch.

A business often exist like an individual being who has goals some of the business goals are to make profit, to grow or expand , to survive, to expand its capacity.As business are formed they have the goals as illustrated before but in meeting these goals there end up giving a lot of advantages to the economy in which the are operating or even beyond.This makes businesses important to a country's economy .

Now lets look at these elements that makes businesses important to an country's economy.Before will look at the more general important issues lets us agree that business contributes to an a country's exchange rate.An exchange rate is the price of one currency in other foreign currency.If an economy has no or poor business activities it means that that economy is depending on imports so local citizens require more of foreign currency to meet their foreign expenditure on imports therefore the local currency loose strength.This implies that an economy with strong business players are capable of maintaining a strong economic exchange rate.

Businesses contributes to improve a countries international appeal by improving GDP of a country.A country with very productive businesses often has attractive international accounts as it has a high GDP.A high GDP often mean that a country has adequate provision of goods and services for citizens.

A country with business often improve the government treasury.Business in tells a taxable base for the government that is the government can tax business and provide for areas which can not be provided by private business for example national defense.

In meeting business goals such growth and increasing capacity or even starting business activities there is need for manpower this gives an economy significant advantages as businesses help to reduce unemployment as they employ people to provide workforce.This will also improve a nation's treasury as government can now tax more employed workforce.

In conclusion businesses are essential to an economy to survive.

The Advantages of Businesses in the Local Economy

Local economies realize distinct benefits from the activities of local small businesses. Small businesses, in turn, can realize competitive advantages by employing a local focus in their service and marketing activities. Major benefits of business in the local economy include a boost in employment and discretionary income in the community, tax income increases for local governments and a loyal customer base for businesses.


Local Employment
One of the most personal advantages of businesses in the local economy is the boost in employment in the region. Employment levels influence a range of other standard-of-living metrics, such as disposable income, home foreclosure rates and new small business startups. Employing people in the local community can stimulate word-of-mouth advertising for a company as well, assuming the company treats its employees well enough to get positive mentions.

Local Tax Income

Businesses pay a significant portion of all taxes in the United States, including income tax, property tax and employment tax. Having more businesses in the local economy can boost tax income for local governments, bringing in more money to repair roads, develop schools and improve public services.

Access to Services

Along with the standard-of-living increases inherent in raising local employment, the presence of many business types can raise the standard-of-living further by providing a wider range of services and amenities in the local area. Adding a movie theater to a small town, for example, can add an entertainment option to local residents while bringing in money from outlying communities.

Political Advantages
Businesses with strong ties to a local community can lend a hand in community-focused political actions. Businesses can help to fund and organize campaigns for lobbying, letter-writing and other political activities to influence legislators on issues that affect the local community. A local business can help to convince a presidential candidate to hold a campaign speech in the town, for example, by making sizable campaign contributions.

Loyal Customers

Businesses with a local focus have the advantage of cultivating a loyal customer base, especially when their services are not threatened by big-box chain stores in the area. While this may not influence company growth, it ensures a certain level of financial sustainability, and helps to ensure the company maintains a positive reputation in at least one region.