Small businesses get an international day of recognition

Posted: 27 June 2017 8:50 am

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The UN General Assembly has formally designated today, Tuesday 27 June, as "Micro, Small and Medium-Sized Enterprises Day".

More than 95% of the world's enterprises are micro, small and medium-sized and they account for approximately 60% of international private sector employment. Despite this, it wasn't until April of this year that the UN formally adopted an international day of recognition for small businesses – today, Tuesday 27 June.

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell has welcomed the UN's recognition of small businesses as a global economic driver and hopes people will support it.

“It’s the first year and I sincerely hope that governments, business organisations and communities will get behind it,” she said.

“If you’re buying goods or services on Tuesday 27 June, think about small business and if you can support one with your purchase, please do."

While the day has an international focus, Carnell highlighted the contribution that small businesses make to the Australian economy in particular. Small businesses employ almost half of all workers in Australia and create a substantial proportion of new jobs.

“Small business contribution to the Australian economy is higher than the OECD average,” she said.

“According to the OECD, small businesses account for 44% of employment in Australia and we rank eighth out of 32 OECD countries on this measure."

“The number of small businesses which are exporting continues to increase... The tax contribution of small and medium enterprises is also significant and growing faster than big business.”

Looking to contribute to a small business today? Check out our lists of Australian fashion designers to browse through and Australian beauty brands to explore.

Picture: Shutterstock

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