09 Feb SDVOSBs Grow the Economy
Paying America’s Veterans Back
Our nation’s veterans have demonstrated so much about their fine character simply by virtue of their decision to serve their country. Private citizens often wonder how they can help veterans beyond simply thanking them for their service.
One of the most impactful ways to give back to those who have served is to patronize and partner with businesses owned and operated by veterans, especially Service-Disabled Veteran-Owned Small Businesses (SDVOSBs).
Such businesses are often run by veterans wounded in the line of duty who then come back stateside and work to carve out a successful path for themselves as civilians. The best way to show gratitude to these veterans is to help them prosper in their post-military lives.
And businesses owned and operated by veterans are spread across industries.
One way in which service-disabled veterans can make their mark on the economy (and stake out their path in civilian life) is through procurement operations. This could entail building a business around procuring anything from commercial laundry equipment to construction materials, and beyond.
The Numbers
According to a recent study by the U.S. Small Business Administration (SBA), there is roughly one veteran-owned firm for every ten veterans. In addition, veterans are 45% more likely to be self-employed than non-veterans, with veteran-owned firms employing 5.8 million people. These businesses generated over $1 trillion in sales during the year in which the study was conducted.
This study also found that businesses owned by veterans were more likely than businesses in general to offer benefits to their employees such as health insurance, contributions to retirement plans, profit sharing, and paid leave.
The Benefits
Veteran entrepreneurs and veteran-owned businesses add so much to the economy because of what veterans themselves are able to bring to the table.
Chief among veterans’ sought-after qualities are the technical skills that they have gained through their active service in fields such as information technology, communications, engineering, construction, logistics, medicine, and administration. Then there are soft skills—these are less rigidly-defined but are nonetheless vitally important.
Great soft skills are beneficial to have in any workplace setting. They include loyalty to a group, dedication to a cause, determination in the face of obstacles, punctuality under tight deadlines, a strong sense of how teamwork is essential to a shared mission, and overall trustworthiness—not to mention a great ability to stay organized.
These qualities are desirable in any employee or employer, and veterans, by nature of their background, will have mastered them.
Doing Our Part
We all owe a debt of gratitude to the service members who have dedicated their lives to our country. The next time you’re wondering how you can repay that debt you should consider repaying it literally—by seeking out and patronizing an SDVOSB or a VOSB.