Giving Back: How Local Businesses Positively Impact the Surrounding Community
Why support local businesses? Over two dozen studies have examined the value that local businesses bring to their communities. Every one of them shows that each dollar spent at a local business leads to double, or quadruple the number of jobs, tax collections, income and wealth, and charitable donations. There’s no secret to it – it’s simple economics that companies that are local have more home grown relationships, and that’s what makes the massive positive effect.
Additionally, studies have found that regions with higher densities of local business have greater economic results. Further to the direct economic impacts of shopping local, communities with many locally owned businesses are commonly shielded against economic downturns because they’re more diversified across a wider range of businesses – such as retailers that focus on selling several types of goods, and service businesses that may supply everything from landscaping to accounting.
Strong, flourishing local business communities also lead to more tourism, by encouraging people to live in and visit towns where they can easily walk rather than drive. Studies have also discovered that local businesses are far more likely to adjust to new environmental regulations, while large companies often leave. Independently owned businesses can offer a specific character and flavour that major big box chains cannot.
The bottom line is that money spent at local, medium-sized or small businesses goes right back into the surrounding community. Here are a few other ways local businesses help communities:
- Building community. Local businesses give a city a sense of community. When you walk into a small convenience store, for example, they might even recognize your face or know your name. You get a great sense of family. Being recognized is truly important to most customers. When you enter a local business, you can share with them, and they can share with you.
- Community identity. A community’s downtown is sort of like the front yard. The visual impression of a community is extremely important. With prosperous small businesses, the impression can be one of liveliness and affluence. It can create optimistic vibes for the whole community. When you enter a corporate business, you have no clue what community you are in. However, when you enter a local business, it gives the community an identity.
- Local involvement. Local businesses are typically the ones who give back to community events and local schools. For instance, when a children’s sports team needs a sponsor, they usually go to small businesses within the community. It is all part of a good neighbour policy. Local retailers often support local places, from soup kitchens to minor hockey teams. Therefore, by shopping at local businesses, you are directly helping those causes.
- Local jobs. When you frequent small or local businesses, you are putting cash into the pockets of local employees who may even be your neighbours or family members. That income will most likely be spent in town, making it a cycle of good fortune.
- Personal relationships. Many local businesses are not just owned, but also managed on the ground level by the owner. Those individuals are invested in fostering relationships with local community members. Nowadays, shopping is just as much about the product that you are purchasing as it is about the relationships and transaction at the store.
Why EOCC Inc. Believes in Connecting the YEG Business Community
At EOCC Inc. we believe in fostering long-term partnerships because they help build social capital among the members of our local community on a continuing basis. By becoming n EOCC member, we give you access to exclusive VIP events to network and expand your circles in Edmonton.