How Does Supporting Local Businesses Help The Economy – The coronavirus has affected us all in one way or another. Times like these are testing for everyone and change life as we know it. Obviously, this is a scary time for many of us.
One group of people particularly affected by the epidemic is your local business owners. Without being able to open the doors and welcome customers, they have no choice but to adapt and manage only to find the doors open again when it’s all over.
How Does Supporting Local Businesses Help The Economy
It’s a daunting prospect when so much time and effort has been invested in your business and your income is on the wane.
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Meanwhile, despite the challenges of social distancing, support for local businesses has been overwhelming. Thousands of people are looking for new and innovative ways to continue to support their local shops. Here’s why:
The growing interest in local shopping comes with a realization of what our streets would be like without these charismatic outlets. Can you imagine a high street where the big brands you can find in almost every other city are your only choice?
It’s important to remember that when you buy small items, you’re not just supporting local businesses. You support the foundation of your community, friends, family, neighbors and everyone else who makes your town, village or city unique and special.
It may seem counterintuitive that the impact of spending in your community can be multiplied in this way. But when you spend money at a large supermarket, for example, your money is not returned to your community. This is because the only money that can be spent locally is labour. Profits for the chain are either reinvested elsewhere or paid out to shareholders.
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Compared to spending £10 at your local greengrocer, your money is more likely to be spent in your area. This can be spent with local services, supporting your greengrocer, getting more local produce or even closing shop and spending money at a local pub or restaurant.
This kind of exchange of money in a local area is a key indicator of a healthy local economy and helps create a high street to be proud of.
This figure comes from a detailed report on Amazon’s impact on local communities, as well as other harmful effects their operations bring.
At first glance, Amazon is a huge operation, and with each expansion they offer hundreds of new jobs. But as with most large businesses, “efficiency” is the key to growth. In other words, it means increasing the pressure on your employees to achieve big goals and automating as much as possible.
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Local business owners hire who they want to hire and can recognize their employees as people. They recognize the benefits of a happy and productive team and put their employees first. Without a hard line on efficiency, this will lead to more jobs in the local community and more people enjoying their jobs.
Local communities depend on how we choose to spend our money. High streets may be filled with independent retailers, but if we choose not to spend our money with them, local authorities will try to stimulate the city’s economy in other ways.
One such way of doing this is by offering tax breaks to attract large businesses to the area. An almost surefire way to bring people into the city and encourage spending in the area.
However, this comes with a few side effects. The incentive has to come from somewhere. The residents have to cover these costs, which creates a higher tax burden on them. Also, as explained in the first paragraph, less income is retained in the local economy, which leads to a less healthy macro economy.
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By showing that your local economy can thrive by supporting local businesses, there is no reason to waste this incentive. In other ways, it can be used to fix our roads, support our schools and strengthen our local businesses.
By voting locally with your money and supporting the macro economy, you’ll see more value for your spending than the products or services you buy. The area you live in will thrive and prosper with more money spent by local authorities.
Independent research has shown that if every adult in the UK spent £5 a week in their local shops and businesses, it would cost the local economy £13.5 billion over a year.
If you’re looking for a direct way to support your local business, this is a great indicator. It’s just £20 – £25 a month which supports families, your community and the economy; At the same time, it gives you the opportunity to discover and enjoy the unique and interesting products and services of your local business.
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Sometimes changing the world requires a small commitment from each person that builds up over time. Every time you spend your money, you are voting for the world you want to live in. By supporting locally, you are voting for a world where your community thrives together, where job opportunities put people before profit. and prioritize your local economy to provide services that are important to your area first.
The above points are of course all well and good, except that local businesses have closed their doors until further notice due to the coronavirus.
There are a number of ways we can still support our businesses and communities from the comfort of our own homes. Whether it’s finding ways to buy their merchandise or supporting what they’re doing in the meantime.
Many of your local businesses will have websites. In fact, since the coronavirus closed the high street, many of those who were absent have since created one, or are in the process of doing so.
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No doubt you will know the names of your favorite stores, you can just Google them or search Facebook to find their websites.
Alternatively, you can find what you’re looking for by doing a quick search for what you need to buy by city name.
Their websites will give you details of whether you can still order from them during this time, what processes they have in place and what else you can do to support them.
Are there social media groups you can join? Many cities will have a Facebook community that you can join and find out what’s going on in your area.
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Many local business owners will be part of these communities and can look to them for help with their coronavirus initiatives. These groups are a great way to find out how to participate and collaborate in your community.
If it doesn’t already exist, why not create it yourself! Community groups are often easy to start by adding acquaintances and asking them to invite others they know, etc. This can be a very valuable resource for connecting with your colleagues and supporting the area in which you live.
Sometimes simple ideas are the best. Most of your local takeaways still work and depend on your own custom. Another thing is that a number of local restaurants started offering a similar service to stay in business during this time.
Why not surf the web to see what’s available? You’ll be supporting your local restaurants and there’s the occasional takeaway!
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You may not be able to purchase goods and services from some of your local businesses during this time, but many will offer gift card purchases when they reopen.
Gift cards are a great gift for everyone. Let them indulge themselves in the store of your choice. You can take the time to shop yourself with the intention of visiting when they reopen. This helps them when their doors are not open and they cannot sell their stock.
We appreciate you taking the time to learn more about supporting your community. However, not everyone is aware of the impact of their spending.
If you’re passionate about supporting your local shops and services, why not create resources to get your message across? There are thousands of free resources to help you with this.
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The infographic above was created using Canva. They offer hundreds of free templates and graphics to help you create messages, documents, flyers and more. If you have a creative streak, there’s nothing stopping you from crafting powerful messages to share as much as you want.
If you’re not ready to stick to certain designs, download our infographic
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