U.S. consumers have many options for where they will buy retail goods. U.S. consumers can purchase goods from small local businesses, regional chains or giant international companies. Before you make your next purchase stop and think for a minute. Does it make any difference where you make your purchases? Do you want your dollars to create the biggest benefit for you and your family? Read this information before you spend your hard-earned money. It could change your purchasing habits and improve your community.
When consumers patronize local small businesses, they are essentially giving money back to their local community. A thriving local business will generate high levels of revenue, which means that the business will pay higher taxes, including local taxes. This money is then used for local police and fire departments, maintaining roads, public parks, as well as schools and many other services we often take for granted. Did you ever think small business has a large impact on innovation and the sciences? Innovation is very possible in small businesses. In these smaller enterprises, employees usually work in close proximity to consumers and learn firsthand about their needs. Providing solutions to their clients’ needs is how small companies prosper. Small businesses are big innovators.
The U.S. Small Business Technology Council reports that smaller firms employ 32 percent of scientists and engineers, whereas larger firms employ 27 percent. These professionals in small businesses produce more patents than their counterparts in large companies and universities. So, small companies are responsible for more innovation and creating more new products compared to their large counterparts. Surprising to some – big business and big government aren’t creating new ideas and new product – it’s the small business that are driving product innovation.
Still not convinced that your spending habits can create a big impact then read more.
Here are some interesting facts about small businesses from www.IndependantWeStand.org:
- Small businesses accounted for 65% of all net new jobs over the past 17 years.
- Small businesses employ 77 million Americans.
- 89% of consumers agree that independent businesses contribute positively to local economies.
- Residential neighborhoods served by a successful independent business district gained, on average, 50% more in home values than their citywide markets.
- Independent retailers return more than three times as much money per dollar of sales than chain competitors.
- Independent restaurants return more than two times as much money per dollar of sales than national restaurant chains.
- If independent businesses regained their 1990 market shares, it would create 200,000 new small businesses, generate nearly $300 billion in revenues and employ more than 1.6 million American workers.
- If just half the U.S. employed population spent $50 each month in locally owned independent businesses, it would generate more than $42.6 billion in revenue.
- For every square foot a local firm occupies, the local economy gains $179 vs. $105 for a chain store.
So before you make your next purchase, think about going local. It will help your local economy, you community and keep America vibrant.Want to learn more about local businesses in Bucks County Pa? Attend the Locavore~Buy Local event on February 26th. RSVP Now.