10 reasons how building a business benefits your economy

A business benefits the economy in many ways. It requires only an idea at the start but leaves us with endless possibilities and opportunities. Not to mention a stronger currency, much improved interest rate, increased capacity and less reliance on the public sector (Government) – it’s importance cannot be discounted. Below are 10 reasons why a business is important for our economy. 

1. Job Creation: Your business provides employment opportunities, reducing unemployment rates and helping individuals support their families. This, in turn, boosts consumer spending and stimulates economic growth. As more people earn wages, they can afford better living standards, contributing to overall societal well-being. Job creation also fosters skill development and career advancement. The Bible emphasizes the importance of work in Ecclesiastes 9:10: "Whatsoever thy hand findeth to do, do it with thy might." By creating jobs, your business helps individuals fulfill this principle, promoting diligence and productivity.
2. Innovation and Competition: Your business drives innovation by introducing new products or services, which can improve efficiency and quality of life. Competition encourages other businesses to innovate as well, leading to a dynamic and progressive market. This cycle of innovation and competition can lead to technological advancements and better consumer choices. Proverbs 27:17 states, "Iron sharpeneth iron; so a man sharpeneth the countenance of his friend." Similarly, your business sharpens the market, fostering growth and improvement.
3. Tax Revenue: By paying taxes, your business contributes to government revenue, which is used to fund public services such as education, healthcare, and infrastructure. This enhances the quality of life for the community and supports economic stability. Romans 13:6-7 reminds us of the importance of paying taxes: "For for this cause pay ye tribute also: for they are God's ministers, attending continually upon this very thing. Render therefore to all their dues: tribute to whom tribute is due; custom to whom custom." Your business's tax contributions are vital for societal development.
4. Local Sourcing and Supply Chains: Your business may source materials and services locally, supporting other businesses and creating a robust supply chain. This interconnectedness strengthens the local economy and fosters community resilience. By supporting local suppliers, you help maintain a healthy economic ecosystem. Proverbs 11:25 says, "The liberal soul shall be made fat: and he that watereth shall be watered also himself." Supporting local businesses creates a cycle of mutual benefit and prosperity.
5. Community Development: Your business can invest in community projects, sponsor local events, or support charitable causes. These activities enhance community cohesion and improve the quality of life for residents. Community development initiatives can also attract more businesses and residents to the area, further boosting the economy. Acts 20:35 highlights the value of giving: "I have shewed you all things, how that so labouring ye ought to support the weak, and to remember the words of the Lord Jesus, how he said, It is more blessed to give than to receive." Your contributions to the community embody this principle.
6. Skill Development and Training: By providing training and development opportunities, your business helps employees enhance their skills and advance their careers. This not only benefits your business through a more skilled workforce but also contributes to the overall skill level of the labor market. A more skilled workforce can attract higher-paying industries and jobs. 2 Timothy 2:15 encourages diligence in learning: "Study to shew thyself approved unto God, a workman that needeth not to be ashamed, rightly dividing the word of truth." Your investment in training aligns with this call for continuous improvement.
7. Economic Diversification: Your business adds to the diversity of the local economy, reducing dependence on a single industry. Economic diversification can make the economy more resilient to shocks and downturns. A diverse economy can better withstand global market fluctuations and provide more stable employment opportunities. Ecclesiastes 11:2 advises, "Give a portion to seven, and also to eight; for thou knowest not what evil shall be upon the earth." Diversifying economic activities is a wise strategy for stability and growth.
8. Export and Trade: If your business exports goods or services, it brings in revenue from outside the local economy, contributing to the overall economic health. Exporting can also enhance your business's reputation and competitiveness on a global scale. This influx of external revenue can lead to increased investment and development within the local economy. Proverbs 31:24 praises industriousness: "She maketh fine linen, and selleth it; and delivereth girdles unto the merchant." Engaging in trade and export reflects this industrious spirit.
9. Technological Advancement: Your business may adopt and promote new technologies, which can lead to increased productivity and efficiency. Technological advancements can also create new markets and opportunities for other businesses. By staying at the forefront of technology, your business helps drive economic progress. Daniel 12:4 speaks of knowledge increasing in the end times: "But thou, O Daniel, shut up the words, and seal the book, even to the time of the end: many shall run to and fro, and knowledge shall be increased." Embracing technology aligns with this vision of growing knowledge.
10. Environmental Sustainability: If your business practices sustainable operations, it contributes to the long-term health of the environment, which is crucial for future economic stability. Sustainable practices can also attract environmentally conscious consumers and investors. By prioritizing sustainability, your business helps ensure that natural resources are preserved for future generations. Genesis 2:15 emphasizes stewardship: "And the Lord God took the man, and put him into the garden of Eden to dress it and to keep it." Your commitment to sustainability reflects this responsibility to care for the earth.

A business that is successful in remaining a going concern ensures that the generations to follow has something to take forward. Running a business is about building a legacy and moving in the purpose God has set for your life. This system that generates wealth for you ensures that you’re in a position to do what matters and what is important – your purpose. Be Emboldened, Be Empowered, Be Enabled.