During economic crunches like the current pandemic, customers are squeezing money and avoiding indulgences. With a smaller proportion of disposable income in hand, spending becomes more prudent and people become cautious of their financial habits. But local small businesses count on these customers’ support in order to stay afloat and every sale matters.
So when determining where to spend your hard earned money on todays lunch or a present for a friend, think about the advantages of turning to locally produced products owned within your community. By supporting small businesses ideas, you are in turn supporting your local economy; considerably more income stays in a community when purchases are made at local businesses rather than national or global company.
5 reasons why small businesses can benefit local communities are:
Local businesses are more likely to consume other local businesses such as local farms, service providers such as consultants, and farms. Shop local businesses to keep the money circulating in the local community, especially during tough times. A study shows that for every $100 you spend at local businesses, approximately $68 will stay within your own community, rather than be sent to central headquarters or abroad.
Individual retailers return more than three times as much money per dollar of sales to the community in which they operate than chain competitors. Independent restaurants return more than two times as much money per dollar of sales than national restaurant chains. One of the easiest ways to #SupportLocal is to #EatLocal
Small businesses in Canada employed 8.4 million people in Canada, or a staggering 69.9 percent of the total private labour force, more than all the big corporations combined.
Stimulating this sector has a positive snowball effect on Canada’s economy stemming through the employment rate increasing in your community.
Supporting local businesses has a positive effect on the environment too! This is largely because they often have a smaller carbon footprint than larger companies. Small businesses also have a more traceable supply chain which is generally more sustainable and environmentally friendly. And if you want to be really environmentally friendly, click here to read more on how you can bring recycling to your community.
Most importantly, Local businesses are held, run and managed by your own neighbors. They care about the well-being of your community and are invested in its future.
Local businesses are more responsible to their local communities and also contribute more money to support local causes and non-profits.
The Pandemic provides its own impediments, such as not being able to visit stores in person. Small businesses in the local community need an online presence to capture the virtual market. Going online has the added advantages by giving local businesses the ability to conduct online networking such as B2B networking to grow their engagement. Visit our Small Business page to learn more how we help local small business community to attain their full potential.
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