The COVID-19 pandemic had devastating effects worldwide. From the unprecedented fatalities to the crushing economic toll, the lasting results of the pandemic will be felt for many years. Small business owners were among the many casualties of the mandated closures in Canada. With over 65% of the population employed by small businesses, closures had far-reaching consequences.
Owning and operating a small business is a challenge in the best of economic times. It can be catastrophic when you add the strain of a global pandemic. Over 200,000 businesses were forced to close their doors permanently during the COVID-19 pandemic, with less than 15% of owners forging for a new beginning as the crisis comes to an end.
Small businesses are essential to the strength and economic success of a community. As the world begins to reopen for business, it is important to support our small businesses. Giving our money locally has profound advantages, whether it's to your local grocer or to support Canadian Indigenous Artists. Let’s take a closer look at some reasons that local business support is crucial in the post-COVID world.
Local B2B
When you shop locally, you are contributing to a strong community economy. Small business owners are more likely to give their business to other local companies rather than dealing with larger corporations. This means that when you shop locally, small businesses are able to take it a step further by using local B2B practices. Small business owners are more likely to deal with local banks, vendors, and service companies.
Community Funds
For every $100 you spend locally, $69 will stay inside the community. Independent retailers return more than three times more money to the community than the large corporate companies. From retailers to restaurants, small businesses are dedicated to keeping money in the community. Local businesses are more invested in maintaining a strong community economy and are more likely to donate to local charities and non-profits.
Local Employment
Over three million workers lost their jobs during the pandemic due to small business closures. It’s important to recognize that independent businesses employ more than 65% of the workforce. If you want to help your neighbors get back to work, you need to consider the importance of supporting local businesses. When you shop locally, you support a solid and secure workplace for your friends and neighbors.
Unique Products
Shopping at big box stores may be convenient, but it doesn’t allow you to explore the world of unique products and services available through local businesses. Small businesses are supporters of local craftspeople, artists, and entrepreneurs. Big box stores are mostly stocked with dozens of products that are created on an assembly line in a foreign country. While this may be mainstream retailing, you are more likely to be introduced to higher quality and unique products for your life and home when you shop locally.
As the world begins to come alive following the tragic and challenging years of the pandemic, it’s essential to pay attention to the choices that we make for our communities. Shopping locally can help to empower regional artists, provide employment to the community, and give you access to unique products and services.
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