The American economy is powered by small businesses. Thanks to digital services and platforms, these businesses are able to connect with customers faster and easier than ever before.
The last thing Congress should do is make it more challenging to operate a small business – but pending regulations could directly impact the digital tools that help small businesses thrive.
Some misguided lawmakers seek to regulate “big tech.” These actions will not happen in a vacuum: they will directly impact the millions of small businesses that rely on digital services on a daily basis.
See some of the ways overregulation could hurt small and mid-sized businesses (SMBs):
- Digital tools help small businesses thrive in competitive marketplaces.
According to a recent Deloitte study, 85% of small businesses confirm that digital tools help the performance of their business – and more than 40% of small businesses report consumer growth that can be directly linked to the use of digital tools. Regulations would reduce small business’ access to affordable digital tools and negatively impact their performance.
- Digital tools expand small businesses’ horizons for new customers.
For a small business, every transaction with a customer matters. Small businesses that utilize digital tools are five times more likely to reach new international customers and three times more likely to experience customer growth. By limiting digital services, lawmakers would cut an important line of communication to new (and existing) customers.
- Digitally-enabled small businesses create more jobs.
According to the Small Business Administration, small businesses employed 60 million people in 2018. Small businesses that use digital services employ twice as many people as those that are non-digitized – and they are twice as likely to create new jobs. Cutting access to digital services could put existing jobs at risk while destabilizing job creation.
Some 90% of small businesses believe digital tools have fostered innovation in their business. Congress shouldn’t turn back the clock on this innovation by taking away the important digital tools small businesses use to connect with customers, sell products and support jobs.
It’s time for lawmakers to listen to the voices of small business owners across the country who can speak to the importance of digital services. The American economy relies on it.