The importance of small businesses to the economy cannot be overstated. Though national chains often garner publicity, local businesses are equally, if not exceedingly, worthy of attention.

What defines a small business as "small" varies significantly, but these businesses are generally privately owned and generate far less revenue than big corporations. General consensus also defines small businesses as companies with fewer than 500 paid employees, according to the U.S. Small Business Administration.

Here's a look at why small businesses are so vital, and why consumers should direct more of their purchasing power to smaller companies rather than the big box retailers and other national chains: Autonomy and diversity; Local hiring strategy; Adaptability and change; Investing in the town; and Turnover is greater.