The recent economic downturn has taken a huge toll on small businesses, but things are starting to look up. According to recent news reports, the unemployment rate for July dropped to 9.4 percent, with only half the number of job losses compared to June. So what role do small businesses play in all this?

The success of small businesses drives our economy. Seventy percent of jobs are created by small businesses and over half of workers in the U.S. either own or work for a small business. Nearly half of small business owners believe the economic downturn caused their company to be more efficient, innovative and cultivate stronger teams.

One way that small businesses are increasing efficiency is through outsourcing. A survey conducted by oDesk reported that 41.9 percent of small businesses outsource more during a recession. Revenue for IT outsourcing grew the most in this past year, up by 12 percent in the 4th quarter of 2008.

Hopefully, the worst of this economic crisis is behind us. And on a brighter note, the lessons that small businesses have learned from this recession led to more efficient and effective business practices. How has your business weathered the economic storm? Have you learned any lessons from this?