No one will deny that times are tough nowadays, and given the waning economic confidence that’s overtaking everyone’s outlook on the future, let’s just say things aren’t as bright and optimistic as we’d like going into the tail-end of summer. In fact, more and more people are growing weary of what’s to come next now that it seems like we’ve reached the peak of our push to regain our bearings, with everything else now up to uncertainty and risks.
However, despite the bearish indicators and not-so-pleasant market conditions, we firmly believe that now’s not the time to be moping and just sitting around doing nothing while all these challenges run rampant because there’s a lot we can achieve with a collaborative effort. And to help get this ball rolling, there’s no better way to support global economic recovery than by starting with the roots closest to you and helping out your local businesses in this new normal.
Reviving Local Prosperity Amid Hard Times
The global pandemic dawned some of the scariest financial winters for households across the world, with unemployment going crazy and inflation affecting consumer prices, but that doesn’t come close to the many businesses forced to file for bankruptcy and shut down. As a result, supporting our local companies amid these hard times becomes increasingly important because it’s these very businesses that drive local prosperity and bring back value to the community as a whole.
- Promotes Local Job Creation: The labor market isn’t doing too good with its most recent report showing a sharp decline in employment, and when job creation hits a low, then so does the overall economic activity. That’s why in supporting your local small businesses, you help promote local job creation and ensure that your closest community members are with livelihood, able to provide for their families, and have a healthy flow of resources circulating the local economy.
- Local Economic Growth: Apart from the jobs created, spending your money within the community enables local economic growth through better overall infrastructure, efficient use of sales taxes, and many more aspects that go back to the community’s well-being. And unlike chain retailers and large corporations that disrupt local economics and promise false economic growth, small local businesses encourage competition and channel those profits straight back into the betterment of the locale.
Staying Unique And Innovative
One of the hallmark features of local businesses is their uniqueness and innovation because nothing comes close to the character and appeal of something made straight from the efforts of locals. Their products aren’t just goods to be sold but represent the local community as a whole, embodying its many values, tastes, and overall culture, meaning that in supporting these businesses, you also help promote the community’s uniqueness and innovation.
- Reinforces Community Spirit: While economic advantages are a given when supporting local businesses, there are also social values preserved, such as reinforcing community spirit and unity. And by simply eating at your local European breakfast cafe, you’re not only enjoying delicious meals to start your day but also promoting oneness and engaging with community members that play key roles in keeping the local economy alive and thriving.
- Encourages More Entrepreneurship: Although existing small businesses need our help, reaching out to them and supporting their business operations also indirectly encourages more entrepreneurship from the locals seeing how active the local economy is growing. As a result, this creates even more economic activity to boost overall recovery and enable the community to remain sustainable even during economic turbulence.
Plus, It’s Not That Difficult To Do!
Lastly, one of the best things about supporting local small businesses is the fact that it’s extremely easy to do and won’t require you to bend over backward just to make things happen. All it takes is purchasing their products and using their services instead of those offered by international corporations and larger companies, and you’re pretty much set and ready to go.
- Always Search For Local Alternatives: Instead of going through Amazon as your instinctual option to look for new stuff, we strongly recommend searching for local alternatives first by going down to the nearest farmer’s market or visiting the local stores and restaurants. You’ll find it a lot more accessible and, chances are, the prices will be a lot more agreeable with your wallet situation as well.
- Donations And Sharing Are Always Welcome: Community outreach is a noble thing to do, and if you find yourself capable of donating and sharing with local businesses, then don’t pass up the opportunity to help. Medical supplies such as face masks, alcohol, and any other necessary PPE will go a long way in combating the risks of the Covid-19 delta variant.
Economic Recovery Rests On Our Ability To Work Together
Overall, we believe that influencing economic recovery rests on our ability to work together and value our unity during these tough times. So, instead of restricting ourselves to selfish objectives, let’s start helping each other by supporting our local businesses!