As things stands, many businesses are paying a great deal of money to big companies like Indeed and Zip Recruiter to help with hiring. By doing so, they are overlooking excellent local companies who are already familiar with their target area.
Also, spending on local business to business puts money back into the local economy, helping preserve the economic ecosystem in the region. These reasons, and more, are why businesses should be shopping local.
There have been many findings in recent years that have highlighted how small and locally owned businesses benefit their communities the most. Here are some of the most eye-opening ones:
68% of the money spent at a locally owned business will stay within the community it is located in. In comparison, only 43% of the money stays within the community when it goes towards a major corporation. Even less so if that spending happens online.
Local businesses create more, higher-paying jobs than their national chain counterparts. Shopping locally puts more money into the coffers of those local companies, who then distribute it out to their staff.
Local businesses develop relationships with their clients and customers. This fosters a sense of community and connection. Also, connected to this, local businesses are more likely to donate to causes benefiting their communities twice as much as corporation counterparts do.
There are more choices, and there is greater flexibility. Corporations are known for their rigidity and one-dimensional approach to conducting business. Small, locally owned companies will take the time to understand what your needs, likes, and wants are. They are more likely to cater to you and provide a more tailored service.
When you get to know local businesses, you learn that they are often in your network of your friends and neighbors. This means that it’s in their best interest to find out how to best serve you. They probably love what they do, which can be beneficial to you since it means getting dedicated service.
Supporting a local business makes you an integral driver of developing a strong local community, which is what this country was founded upon. Supporting small and local businesses is as American as apple pie (people still love apple pie, right?).
As you can already tell, it pays to ‘shop’ local, even if you’re a business. Every dollar that you spend at a small business will generate an additional $0.50 in local business activity. This is due to employees spending more of money they are making locally. Those businesses themselves also are buying more locally sourced goods and services.
Small businesses are the backbone of the nation. If you looked at only US-based ones as their own country, their GDP would be an astonishing $4.8 trillion. That would make it the third biggest global economy! That goes to show you how vital and integral locally owned small businesses are to the prosperity of the nation.
People love supporting small businesses. That’s why there are consistently campaigns to shift away from supporting massive corporations towards supporting the local and small business alternatives. A whopping 94% of consumers see small businesses as adding value to their communities.
Even though shopping habits have significantly shifted towards being online-based, people are still seeking out small and local businesses. Almost two-third are supporting small businesses that have an online presence, indicating just how significant this shopping habit is. Most people understand the perks of supporting small businesses.
Make a Difference by Shopping Local
You can make a significant difference by going with a locally owned small business. There are plenty of start-ups today that are excellent alternatives to the big names you may want to automatically head to. You can help stop the shift towards a handful of companies dominating every industry by supporting these start-ups.
Local businesses really care about their employees, beyond just looking at their bottom line. That makes them a more ethical choice as well. Caring about their employees means paying them fair wages, which strengthens the dwindling middle class. It is the antidote to the inequality-increasing corporations. You can make a real difference in the levels of poverty in a given community by heading over to a locally owned small business over a large company.
One final area to consider when deciding on whether to shop local or go with the dominating players in the field is taxes. Large corporations are consistently looking to skirt around paying taxes as much as possible. They hire armies of lawyers who will find every loophole they can and use it to their advantage. Locally owned businesses generate more tax revenue, which helps support the local communities they are in.
With an alarming number of small businesses already forced to shut down due to the economic fallout caused by the pandemic, it is more helpful than ever to support the ones that are still afloat. You may be instrumental in helping keep a locally owned small business operating and providing better service than its corporate counterparts.
Large corporations are usually taking away business from local businesses, which is something that has accelerated in recent decades. Again, this is especially the case for internet-based businesses that don’t contribute to local property tax and job creation.
However, it’s the small and locally owned businesses that support the creation of prosperous and better-off communities. The next time you are tempted to head over to somewhere like Indeed to manage your hiring needs, consider exploring the more local options. Small businesses will be very grateful you have done so, and to show their appreciation, they will provide you with a level of support and customization that you will not receive from the big corporations.