Local small businesses are the bread and butter of any economy but are considered the underdogs next to global banks, mega-corporates, and large supply chains. The need for supporting locally run businesses is felt as Covid-19 impact has diminished the global community and small businesses are no exception. Why is supporting local small businesses a neat idea?
Stimulating the Local Economy
The commitment to shop local or support small businesses, ensures re-cycling funds into the community. Most Americans prefer shopping in large chain stores as such places generally provide quality stuff with the best deals and shoppers find whatever they’re looking for. Tax revenues through sale taxes from local businesses, support local governments. This is reinvested back in the community. Corporate retailers receive huge tax-breaks from local governments denied to local businesses. By investing funds into large chains headquartered elsewhere, local communities are deprived of the benefits.
Reducing Carbon Footprints
Transportation cost are reduced as local small business tend to source supplies from local producers, requiring less transportation (less congestion and pollution too). Further their set up in a town or city, generally reduces traffic, resource depletion and habitat loss.
Create More Jobs
As per Small Business Profiles in 2019, small businesses created 1.8 million new jobs in the USA, during the year. The United States has around 30.7 million small businesses, employing 47.3% of the workforce which is private. Small businesses are the backbone of the nation’s economy, pushing economic growth in the local economy, opening local employment opportunities for people not preferring employment in mega-shopping malls and complexes.
Give Back To Local Communities
Small businesses preferably support local community causes and charities and local businesses benefit from a strong resilient community, as owners are very engaged community members themselves. Small local businesses donate around 250% more than larger businesses to local community causes and non-profits, thereby creating the cycle of giving back locally. This includes youth organizations, local service groups and charities, local first responders, etc.
Better Customer Service
For small-business owners, all positive reviews, purchases, and deals matter. Local store-owners value all customers as their livelihood depends on your satisfaction levels. Unlike major chains, local businesses hire people with knowledge of their products being sold or proficient in the business they are operating. Employees take time to really know and understand their walk-in clients and steady customers, thus ensuring a thoroughly pleasant experience. And if face with choices, you won’t be taking instructions from a robot.
Nurturing Innovations and Growth
For small businesses to remain afloat, they need to push ahead of their major competitors. This survival-of-the-fittest mentality allows small-business owners to become innovative entrepreneurs coming up with great ideas and solutions to problems, thereby creating unique products which meet the personal customer- specific needs and situations.
Supporting the American Dream
The American dream theorises that equality of opportunity be made available to all Americans, enabling them to achieve their individual goals and aspirations. Small-business owners believe in their dream and will actively pursue it. By shopping small and supporting small businesses, you support genuine people who place their passion ahead of self-convenience and believe in the business they operate.
It’s time now to encourage friends and strangers to shop small, support local businesses but think globally, ultimately funding a better tomorrow.