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The Buy Local Loop

Nov 1, 2017, 07:00 AM by Natalie Johnson
The phrase “what goes around comes around” applies to many things, including your local economy. When your company and other businesses keep your dollars local, you benefit the community, local nonprofit agencies, friends and neighbors, and—ultimately—your own business. Here’s how it works:

 

Why It Pays to Think Twice Before Shopping Online

The Buy Local LoopThe phrase “what goes around comes around” applies to many things, including your local economy. When your company and other businesses keep your dollars local, you benefit the community, local nonprofit agencies, friends and neighbors, and—ultimately—your own business. Here’s how it works:

  1. You buy local. Sure, the convenience of online shopping is compelling, and sometimes it even costs less. But consider seeking out the same products and services close to home. You get to bring needed items back to the office the same day, skip the shipping costs, and get an opportunity to know other business owners and employees in your community who often provide better personal service and advice.
  2. More Business Creates More Jobs. When you support those local businesses, you’re also supporting neighbors, friends, and relatives who can find jobs within them. Small businesses provide over half of all jobs in the U.S., but they can only do it if they keep their doors open. By spending locally, your business does its part to make sure that happens.
  3. More Jobs Create More Spending Power. With more jobs come more residents who can stay in the local area, ensuring vitality and diversity. These citizens can also afford to spend money locally—supporting the economy, enlarging the tax base, and creating a better community with enhanced schools, roads, and parks.
  4. Successful Businesses Mean Support for Non-Profits. Non-profit organizations receive twice as much support from small businesses as from larger ones. So, when you support local economy, you’re also supporting needed services for groups like children, veterans, and the elderly.
  5. Local Individuals and Businesses Support You Back. With a “buy local” mentality in your community, you’ll get the benefit, too. If your business provides products or services to consumers, more of them will have the spending power to purchase them. If your company is business-to-business, other companies that need your products or services will seek them out.
  6. You See the Benefit and Continue to Buy Local. As your business benefits from the positive “buy local loop”, you have all the more reasons to start the cycle again.

In addition to these benefits, shopping locally reduces environmental impact, ensures a wider variety of shops and products, and contributes to community health and diversity. If you’re not already in the buy local habit, consider making your next purchase from a vendor close to home.