Shopping locally is more crucial than ever

by Regina Marie
Posted 11/24/22

Want to live in a community that has plenty of charming stores nearby? Shopping locally is the best way you can make sure you do. 

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Shopping locally is more crucial than ever

Posted

Want to live in a community that has plenty of charming stores nearby? Shopping locally is the best way you can make sure you do. 

According to a new poll from the trade group the National Federation of Independent Business,  about half of all the businesses have reported a 25 percent drop in sales since the outbreak of COVID, and roughly one in five have seen sales decline by more than 50 percent. The same survey shows that, if the economic climate does not radically improve, 20 percent of small businesses won't survive.

Supporting local stores does more than just make sure you always have a local shop to turn to. It also helps support the overall economy – through jobs as well as taxes. 

Small businesses employ 60 million people in the United States, almost half of the nation's private-sector employees. In addition, small businesses generate tax revenues that help communities by funding schools, maintaining parks and contributing to public safety programs. 

However, based on research from the Federal Reserve Bank of New York, even COVID, only 20 percent of healthy small businesses had sufficient cash reserves to continue to operate if they experienced a revenue loss for two months. 

How you can help:

Look to small businesses for any and all of your shopping needs. Chances are they have, or can get, the same items sold by big box retailers.

Share the good experiences you have with your local businesses on social media or through word of mouth. Too often people are quick to complain about service, and don’t think to say kind words about companies that went above and beyond. 

If you own a small business, rely on other small businesses to fulfill your needs. Order supplies from fellow small business owners, seek the help of local financial advisors and tax professionals and use local suppliers and delivery personnel.