More and more people understand that supporting independent businesses is essentially voting with your pounds for a healthy local economy, as they recycle a much larger amount of their revenue back into the local economy,
1. Why are local independents so important to the local economy?
Independent businesses are more accountable to customers and the local community, they ensure the unique character of an area, they are more likely to support local charities and have greater direct control over the environmental impact of their businesses. Supporting independent businesses creates local jobs, preserves economic diversity and safeguards the environment.
2. Why is it important to support local independent retailers?
We are hearing a lot about the benefits of shopping for local foodstuffs. Many of us dont realize that the purchase of locally produced food puts as much as 4 to 6 times more money back into the local economy than imported foodstuffs. Thats astonishing information about consumer power.
The same economic multiplier effect also applies to the price of locally made products, local furniture, local clothing, and all kinds of goods that are actually made here in the local area.
Essentially, you vote with your pounds to support your own local jobs and public services when you buy local first.
3. Money flowing round the local economy : How does this work?
Money spent at locally owned independent businesses goes around longer in the local economy. As local business people pay for all kinds of local services, spend their profits and pay taxes locally, this yields two to four times the economic benefit to you, the local resident, as comparable non-local businesses. This means more local income, wealth, and jobs.