How Shopping Local Helps the Economy
(Article submitted by: Travis Voice & Data)
Shopping local in America is becoming more and more popular each year. Over 55% of young people state they are continuing to buy local. Shopping local is easier than ever here in Oklahoma. New efforts like the Plaza District, the farmers market, and the Keep It Local campaign help push Oklahomans to keep their money local. The US Small Business Administration reported in 2016 that 52.4% of Oklahoma's private workforce is employed by small, locally owned businesses. With over half of Oklahoma’s workforce being employed by local businesses, it is important to be sure your money stays local. Here are some reasons on how your dollar stretches farther in the local economy when you shop local:
When you buy local, 68% of your money stays in the local economy. This is a huge turn over rate compared to the 43% that stays local when you shop at a corporate chain. Amy Hartzler, director of communications for the Business Alliance for Local Living Economies, states “There is a direct correlation between supporting local, independent businesses and having your dollar recirculate to create a multiplier effect.”
Local businesses are far more likely utilize local services like marketing agencies, accountants, and printing companies than national chains, which are next to nothing. Not only that, but they also promote locally sourced products by buying their supplies and products locally which helps diversity the market with locally made products.
Shopping Local Diversifies the Market
Most large chains are required to carry specific brands that are often times other national brands. Local stores tend to seek out unique brands or services that help keep them unique and support the local economy. They are able to tailor their products to meet customer requests by having a shorter turn around time for special orders. A single customer is much more valuable to a small business than a local chain. A local company is small enough that their ordering and billing systems allow them to cater to specific requests.
A local liquor store, for example, is much more nimble as they are able to put in special orders from customer requests for drinks from other small, independent breweries. Large corporation’s inventory mainly makes up other national brands which keeps completion low. Local businesses on the other hand keep most of their inventory local which is often suited toward the local needs and preference. This allows the local community to have more of a voice for what they are looking for in products.
Your Dollar Stretches Father in the Local Economy
Your money is more likely to stay in the local economy when you use local businesses. Let’s say you go to your favorite coffee shop weekly. Each dollar you spend at that local coffee shop is somehow cycled back into the economy. They utilize local services, supplies, and employees. Your money is used to pay their employee’s salary, which will also eventually be used locally. It pays local taxes to fund schools, fire fighters, etc. They will buy their supplies most likely from other local businesses which will then also be used with other local businesses and so on and so forth.
How New Efforts Promotes Shopping Local
Several new efforts are being made in Oklahoma to incentivize consumers and businesses to Shop local. The Keep It Local Campaign created a network of local businesses that Oklahoman’s can buy from. The organization incentivizes consumers to buy local through discounts and rewards that are custom tailored to each business. This makes it more likely for a customer to shop local at one of their participating stores. Keep It Local partners with over 250 participating locations. As of this summer, Travis Voice & Data is joining the Keep It Local community to help launch their business to business (B2B) program. You can find out how to join as a business here or buy a card here.
As a local business, Travis Voice & Data has been dedicated to helping other local companies for 33 years. We know the importance of local businesses and how far a dollar can stretch when spent right. If you are a Keep It Local card holder or participating business, get 50% off your first month of a Hosted Phone contract. Remember to keep your money local and support local businesses as much as possible. For more information on how our local company can help your business, learn more about us through out website.