How are small businesses different from larger ones? The question has its obvious answers: Small businesses have a more modest workforce, budget and reach. But what are the positive differences?
First, small businesses tend to retain their optimism better than larger corporations. Jeff Nolan and Rick Openshaw of Mastercard Worldwide discussed where small businesses are and how they operate in a recent Callahan Webinar. Small businesses are everywhere, and they represent a $5 trillion opportunity in terms of their spending. That should get any financial institution’s attention.
Another statistic worth noticing? Nolan and Openshaw reported that 75% of small business owners use a business credit card. There’s no reason why credit unions couldn’t get in on that market and use the card to segue into a more fruitful relationship.