We hear, talk and invest in large companies, but small businesses are the lifeblood of the U.S. economy. They represent approximately 44% of economic activity and nearly 60% of new jobs. But what exactly is a small business? According to the SBA, a small business is independently owned and operated, exerts little influence in its industry, and has fewer than five hundred employees. You might be thinking to yourself, well 500 employees doesn’t sound small, so let’s dig a little deeper.
There are 30.2 million small businesses in the U.S. and firms with fewer than 100 employees represent 67% of small business employment over the last 15 years. To break things down further, firms with fewer than 20 employees represent 33% of small businesses. According to 2015 SBA data, small businesses employed 58.9 million people, or 47.5% of the private workforce.
In Episode 13 of United We Work, we visit Dynamic Towing & Manufacturing, a small, innovative manufacturing business in the towing industry.
One Stop Shop
Rooted in Norfolk, Virginia, Dynamic Towing & Manufacturing are leading innovators in the towing industry with a team of engineers and tradesmen driving their business. The creators of the Original Self-Loading Wheel-Lift has become the most sought after technology in the tow truck industry.
The Dynamic manufacturing process starts at the plasma cutting table, where the flat sheet metal is prepared for their trucks. The sheet is then bent on the press, while large framing pieces are cut and welded by their in-house robot. Everything is collected and pieced together by the welding department using jigs, and the welders lay down strong beads. The raw lift is then sent over to the paint department, and rolled out to the assembly team where it's integrated into the truck.
"The joy we get (believe or not) in what we do, is when we see the finished product, and we know what we are doing is something that's not just for ourselves, but for other people, and that gives us encouragement knowing that we put out a good product that people can use."