Small businesses are important to support even more so now than ever before. By supporting them, you’re helping support local communities and the economy itself. The current outbreak of COVID-19 is having a huge impact across the globe financially and many businesses are finding themselves going bankrupt as a result. As far as small businesses go, the chances of them surviving this pandemic relies greatly on their local customers. But why is it so important to help support small businesses?
A small business is an integral part of the economy. It helps support the local economy around their area, creating financial independence for communities far and wide. By spending money with these independently owned businesses, you’re likely to see a knock-on effect in the improvement of the neighborhood. You’re giving that small business owner the chance to pay staff, make profit and in return, they’re likely to support other fellow business owners. Locally run businesses are certainly making it easier for customers to shop locally now too, with many of them finding ways of being able to serve customers while keeping social distancing in place.
These are the times where community spirit and a desire to spend locally can help small businesses survive. Through good old-fashioned word of mouth or crowd-funding, there’s plenty that we can all do to support those independent businesses so that they can weather this storm. With over 50% of small business owners saying they won’t be able to survive in this current pandemic climate for more than three months, it’s essential for all of us to continue spending toward these businesses.
Small businesses certainly play a role in creating jobs. According to the Small Business Administration, small businesses create 1.5 million jobs annually and account for an incredible 64% of new jobs that are created in the United States. Small businesses have a much more tailored and personal approach to the positions they hire within the company. Employees are likely to be part of a small team and are therefore given the opportunity to be more valued and recognized as opposed to a company with thousands of staff members. The creation of jobs is something that our society needs more of and perhaps even more so after this pandemic is over. The more jobs that are created, the more opportunities that are for other industries to thrive, from marketing to social media.
If there were only big, commercial businesses that existed on the market, then it wouldn’t be a fair one. Smaller businesses and individuals help keep the balance. And as consumers vary in their own financial income, having different price points can certainly be beneficial. Businesses that have a lot of financial wealth will often turn to mass production of products because it’s more time-efficient and cost-effective. However, with small businesses, you’d be missing out on the unique elements that they bring to the market and industry that they’re in. Whether it’s a piece of hand-crafted furniture or hand-painted artwork, local and independent companies offer a much more personable and tailored product. It makes for a more interesting choice when it comes to us as consumers, shopping for either our homes or for ourselves.
Helping the environment is something a lot of us have sat up and taken notice of recently and therefore, it’s changed the way that some of us shop. We’re more eco-conscious and for many consumers, they judge companies on what they contribute to helping the environment. With local and small businesses, they’re likely to contribute a lot less in the way of transporting and manufacturing. This reduces the impact they have on the environment as a whole. Instead, small businesses will rely on distributing locally or having customers come directly to them in order to pick up the product. Packaging is also something that businesses are having to focus on as there have been many initiatives to cut down or ban plastics. For those stores that exist locally, the costs that they save on delivery and for the environment in terms of packaging, fuel to transport etc. is definitely more beneficial for the environment in general.
Small businesses aren’t likely to be burning through resources or running up their energy bills by keeping their offices lit up 24/7 like some bigger companies do. When it comes to being environmentally-conscious, a lot has shifted in the public’s mindset and any business that starts up in this society, does focus on providing an eco-friendly way of running a company. Whether that’s opting for eco-friendly packaging or collaborating with suppliers and other vendors that are environmentally-conscious too.
Successful entrepreneurs play an important part in future generations. Not everyone is cut out for a traditional office job and so it’s important for those individuals to have role models to be inspired by. Seeing a local individual build a business idea from the ground up, and transform it into a thriving success, can definitely be influential. For the sake of future entrepreneurs, it’s so important to be giving back to those who took a risk in order to make a successful venture.
In times like these, supporting small businesses is something that many of us need to continue to do more of where possible. Most of the bigger businesses will survive through this economical hardship, but it’s the smaller businesses that are going to suffer. Whether you’re living locally to an independent business or want to help out those communities just outside your own, support local business wherever and whenever you can. They are a vital element to our economy.