Small businesses are an essential part of every local economy. They offer a personal touch and unique customer service. This is something that is not always possible to receive from a larger business with a high number of employees and multiple branches to take care of. Whether it is a coffee shop or a clothing store, independent businesses offer a beneficial alternative to large chain stores, so you should look to support them where you can, to keep them trading and serving the local area. Here are some important reasons why supporting local businesses can be beneficial.
Personal service
Where large chains have hundreds or maybe even thousands of customers passing through their doors every day, smaller businesses will have a much smaller number, and will likely have regular customers that they can build a relationship with. Small business owners are more likely to recognise this returning business and provide a friendly and personal service, catering to their requirements more specifically in order to keep them coming back. You will most likely receive a customer experience different to any larger business when you shop small.
Supporting the local community
When you choose to support a local business, you may not realise but local communities will benefit from this too. Local independent businesses can grow as a result of you spending there, allowing them to expand and hire more employees, improving job prospects and attracting more customers to them. If they are a business with a retail premises, attracting more customers will only benefit the other stores around them and create a more thriving local economy.
Increased competition
As they are in constant competition with market leaders, small business owners are always trying to come up with new ways to stand out. This is of benefit to consumers and the market as a whole as local businesses will be looking for new ways to provide a more high-quality product or service to their customers. There will be more variety available, and you will be able to try different options to find something best suited to your needs.
Mutually beneficial
Supporting a small business can be particularly beneficial if you are a business owner yourself. Not only will you receive a personal service that you may not get elsewhere, but this could also benefit your business. It is likely that you will have both built up networks in the local area, which you could use to introduce each other to new clients, or other local companies that they could develop a positive working relationship with. Increasing your network can help you to grow your business as well as benefit the local economy.
Whether you shop local, work with local businesses, or promote them where possible, whatever you can do to support small businesses goes a long way to helping them and the local economy as a result. As a local business ourselves, our team at Omer & Company offer advice and financial expertise to business owners wherever we can to help them effectively manage their finances. Whether you are taking your first steps as a start-up business, or are having trouble managing your books, we can provide our support to you. To find out more, give us a call on 020 8850 0700 or email info@omeraccountants.co.uk.
