Recent events have demonstrated just how important local business are for our economy. Not only do they create employment, but they also bring growth and innovation to our communities. Supporting local businesses is good for everyone says leading finance experts, Yes Finance.
A Chicago City study found that for every $100 spent at a local business, $68 remained in the city compared to $43 of each $100 spent at a major retailer.
By supporting local businesses, you are also supporting your local economy. When products and services are purchased from locally-owned, rather than internationally owned, businesses significantly more money stays in the community. “Every purchase made from these companies helps the owner provide wages for their staff and keep the lights on,” says Yes Finance owner and director, Peter Steel. If you don’t need anything now, consider purchasing a gift card for future purchasing.
Next time you need to do some shopping do a little research for local business and see what they can give you. Not only are you getting some fantastic products and services, but you are also helping to build a strong and successful community during a difficult time. “Think ‘shop small’ and shop at small local business instead of reaching for giant retailers,” adds Peter. There are Facebook groups highlighting some awesome kiwi made products.
Word of Mouth
Buying for a local business is not the only way to support businesses that you love. It a small country like New Zealand, word of mouth can go a long way for business. This means that even if you can’t or don’t need to buy anything from a local business, you can still spread the word about them with friends and family, talk about them on social media or even leave them a review online.
Another way you can support businesses without making a purchase is by interacting with them via their social channels. Liking, commenting or sharing their posts on Facebook, Instagram and LinkedIn, is a great way to ensure they reach a wider audience of potential buyers. Social media shout outs are a free and easy way to show your support.
Due to the lockdown a lot of businesses have switched from the traditional brick and mortar shops to online shopping stores. “Many local shops that you know and love have an e-commerce presence, so there are ways you can support them with just the click of a button,” says Peter. According to Salesforce 63 per cent of millennial consumers and around 61 per cent of Gen Z consumers say they’re more likely to support small businesses with digital presences.
Yes Finance has helped many Kiwi businesses over the past 20 years and are dedicated to helping local businesses thrive. Yes Finance provides finance for business start-ups, funding for business expansion and business finance for asset acquisition including vehicle purchases.