The Christmas season is the favourite time of the year for many. Beyond the cooler temperatures in the region and the caring community spirit that prevails, the season is one of the most lucrative for businesses. It’s the period when economic activity is at its highest and firms – large and small – depend on this increase in commerce to grow their revenue stream, and cover expenditure into the first quarter of the new year.
Due to the economic benefits for business, consumers have an innate responsibility to determine who they patronise and what they purchase. This responsible should not be taken lightly, as many small business owners, depend on the revenue at this time to take care of their families, support communities through additional staffing and overall ensure their business can turn over for another fiscal period.
Because of these factors, Business Basics is making a clarion call this week for consumers to support small businesses this season.
As has been noted through research and analysis of economic and social development, small businesses are the ‘backbone’ of communities, playing a vital role in shaping the character and culture of neighborhoods. They provide unique products and services that reflect the creativity and innovation of local entrepreneurs, offer employment opportunities that support families and individuals and contribute to the success of important community initiatives and charitable causes. Supporting small businesses goes beyond simply making a purchase – it’s a meaningful and essential part of maintaining a healthy, resilient and diverse economy. By choosing to support small firms, investment in the long-term well-being of communities is secured, ensuring that these vital organisations can continue to grow, adapt and thrive.
Some of the quantifiable benefits include:
- Job creation
Small businesses play a crucial role in driving job creation and providing employment opportunities within the economy. They help increase overall employment and reduce unemployment rates, as they are more likely to hire locally, often offering jobs to persons within their immediate communities.
- Boost to Local Economy
Shopping at small firms not only supports emerging entrepreneurs but it also boosts the local economy.
- Entrepreneurship and Innovation
Within an economy, aspiring entrepreneurs and small business owners have the opportunity to test their ideas and introduce innovations to the market. This helps to cultivate an environment that promotes the entrepreneurial spirit and creates a continuous cycle of innovation, which in turn drives economic growth.
- Community identity
As opined by Rapid Finance, the diversity of personalities found in local businesses mirrors the essence of their community, creating a distinct identity for that area. This individuality is important, as it draws tourists, offering them a unique reason to visit and spend money in that particular location.
- Environmental Sustainability
Small businesses offer both environmental and economic benefits. As large national chains outsource many of their products, which involve extensive transportation, that can have a significant environmental impact. However, small businesses normally source their products locally, which promotes sustainability and helps to reduce the environmental impact associated with long-distance transportation.
According to Forbes.com, for small business owners, every purchase, transaction, and positive review carries weight. Local owners deeply value each customer as their livelihood depends on keeping the customer satisfied. These firms often hire employees who have expert knowledge of their products or the specifics of their industry, providing a more personalised and knowledgeable experience unlike larger chains.
So, what are some areas consumers may wish to consider to support a small firm? Redfork Marketing offers several ideas that are not exhaustive but can serve as a start to the discerning customer.
- Gift Cards
Buying gift cards from small businesses not only shows support for the business but also inspires others to support the business. It provides the business with instant financial assistance while also promoting customer loyalty.
- Positive reviews
When leaving reviews on business sites or any other platforms, it is important that you include specific details such as the quality of the product or service as well as the level of customer service experienced. This gives other potential customers valuable insights and helps them make informed decisions about supporting local businesses.
- Sharing on social media
Another effective way is by posting about the business on social media platforms. By highlighting your favourite local business on social media, this can help spread the word to friends, family, and followers.
- Attend Local Businesses’ Events
Participating in these events not only shows support for the business, but also provides a chance to learn more about its products or services and engage with other local residents.
- Shop Local
Whenever possible shop at small businesses in your area. This helps ensure that the money spent stays within the local community.
- Tip Generously
When dining at a small, locally owned restaurant or café, think about leaving a larger tip as a way to show appreciation for the hard work and dedication of the staff. Employees may rely on tips as an important part of their income. By offering a generous tip, you not only recognise the excellent service received, but also help ease the financial pressures the businesses face.
- Collaboration
Businesses have many opportunities to collaborate and support each other, helping to grow their customer base and increase visibility. They can cross-promote products or services on social media, partner on joint projects or events, and offer shared discounts or referral programmes.
