Why supporting local businesses is important for you and your locality
In lean times, customers spend frugally and eliminate almost all luxuries. From cutting down budgets on extras to thoughtful spending and budgeting, people become cautious about their financial habits. In such an economic environment, small and local businesses count on your support in order to stay afloat and every small value sale or transaction is precious to them. So, when deciding where to spend your money on groceries or a gift for a friend, consider the benefits of turning to local, independently-owned businesses within your locality.
There are some ‘not-so-obvious’ benefits of “shop local.” By patronizing local businesses, you are supporting your local economy; more money stays in the locality when purchases are made at locally owned businesses.
1. Local businesses are more likely to utilize other local businesses such as employment services, real estate, consumer products, and food joints.
2. For every Rupee, you spend at local retail outlets, up to 65% will stay in the community/locality.
3. Independent retailers return more than three times as much to the locality in which they operate than an online or large chain of stores. Independent restaurants return more than two times as much money on the sale value as restaurant chains.
4. Small businesses employ more people than large corporates.
In addition to helping build the local economy, there are also notable intangible benefits that come from supporting businesses in your local community.
1. Local businesses are owned and operated by your neighbors! They care about the well-being of your community and its future.
2. Local businesses are accountable to local communities and donate more money to social causes.
3. Supporting local businesses is good for the environment as they have a smaller carbon footprint than larger companies.
You don’t have to go out of your way to support your local businesses. Just try one of these suggestions and see how you can also contribute to the economic growth of your country:
1. Try to order from a local restaurant for lunch or dinner.
2. Purchase a birthday present at a local gift shop
3. Join a local gym
4. Visit a local nursery or hardware store for your garden needs
So the next time when you run out of groceries or need to do a little shopping, seek out a local retailer or a farm and see what they have to offer! You could discover some great products and services while helping to build a strong and successful community around you.
GetPY.biz stands in support of local retailers and businesses who are the front warriors and serving the nation.