Small, local businesses are the heart of the American economic engine. They provide the majority of jobs in the US and play key roles in maintaining and improving the communities we live in. In case that’s not enough, here are five major reasons to make supporting local Arizona companies a personal priority:
Supports our local economy
It’s a common refrain, but dollars spent at locally owned businesses are more likely to stick around to be spent or reinvested in the local economy. Local businesses are more likely to work with nearby suppliers, supporting a network of regional growth. Then there are the salaries they pay to local employees, and the profits that go back to local entrepreneurs.
Once an entrepreneur has found success in a local market, it’s not uncommon to see them double-down and invest in new businesses (their own or others) within that market. This improves local economic conditions, creates more variety in the local marketplace, and offers chances for new entrepreneurs to grow. Phoenix has some great examples of this in the restaurant space, from Fox Restaurant Concepts to Cartel Coffee, and Upward Projects.
Improves local employment prospects
Simply put, local companies tend to hire locally. Most hires are made through personal connections, and for smaller businesses most of those connections tend to be local. A well supported small business community makes for a vibrant job market with more options for job seekers.
Furthermore, since their businesses rely on the local economy and the owners reside in the area, the jobs local companies create are much more likely to stay put than jobs created by national organizations. A national brand might be able to move in and hire a few thousand people all at once, which is great. But they are just as capable of moving all of those jobs elsewhere, or cutting them off entirely with a mass layoff.
Local companies are more likely to support local causes
Many larger, national companies get involved in charity projects. But the charity groups they work with tend to be larger, national groups. The reason for that is simple: When you’re that big, going into local markets and finding local causes to support takes too much time and effort. It doesn’t scale.
But for local companies, it’s easy. Their owners and employees know their communities’ needs because they live there. Chances are, they know some of people who run the organizations that need their support. As a local business, partnering with local charity and development groups just makes sense.
Preserves character and uniqueness
It’s no secret that our society is becoming increasingly homogenized. Franchises, chain stores, and other national brands all play a part in that trend. To a certain extent, that sameness is unifying – we all share common experiences no matter where we live.
But, as we all know, variety is the spice of life. Local businesses have their own, distinct character and can provide unique experiences. Communities that support local business become more desirable to live in and to visit. They also preserve the key economic advantage of differentiation.
Fosters competition and innovation
Local Arizona family owned businesses, like Smart Document Solutions can often afford to do things that large businesses cannot. Like coming to visit you at your office, and offering more personalized service. Big business thrives on established product lines and services. Small business thrives by taking risks on new products and services. They invent and innovate, improving results and lowering prices, often forcing larger players to up their own game in order to keep pace. Supporting local companies fosters the kind of healthy competition that improves the economy as a whole and raises our standard of living.
