Cost-of-Living Crisis: The Benefits of Supporting Local and How to Make an Impact
The cost-of-living crisis and rising energy prices have caused problems for many people, and businesses aren’t exempt from these financial struggles. In fact, in PayPal’s Business of Change Report 2022, 78% of business owners claimed they were worried that the cost-of-living crisis would be the biggest threat to their businesses this year.
As such, supporting your local businesses is more important than ever if you want them to remain open throughout this difficult financial period. Here, with the help of Peter Campbell of Snowshock, a UK based slushy machine business, we’ll explore what you can do to support your local shops and the additional benefits this can have.
Shopping in your area can help your local businesses during this financially difficult time. Instead of travelling to your nearest supermarket, you can visit your local corner shops and vendors – including your local grocer’s markets and farm shops.
You don’t just need to spend your money to help your local businesses. You can also leave reviews and feedback online. This can highlight the gems of your local area and entice more customers to visit. Honest reviews and positive feedback can boost a business’s reputation. Sharing them on social media can also highlight their business and potentially drive more traffic to them.
Purchasing vouchers for their stores can also help. These can be great gifts for your friends, family, and neighbours. This can ensure that new customers are visiting these locations and discovering the great products that local community shops can offer. This both increases the profit and awareness of the business.
Swap to independent brands
Swapping to independent brands, specifically companies local to your area, can greatly impact your local economy and help drive business growth. Whether you are choosing to swap your name-brand slush syrup for a local innovator or buy fresh milk and produce from neighbouring farmers, you can do your bit to further the businesses in your area.
The benefits of supporting local
Better for the environment
Local businesses might be the answer if you are looking to better your sustainability. Not to mention, buying locally is better for the environment, so you can do your part to reduce your carbon footprint. Simple changes such as getting your produce from a local distributor or farmer could help as the food doesn’t have to travel as far.
Encourages growth in the local community
And if you are looking to stimulate growth within your local community, then helping businesses is the way to do it. By shopping in your local area, you contribute to your local economy and help create further job opportunities.
In 2020, 66% of shoppers were more likely to shop in their local area than in 2019, according to Mastercard. And with its benefits for your area, it is no surprise why. Not only can you help local businesses continue to grow, offering more job opportunities, but you can also have a sustainable impact on the environment. By buying local, investing in local businesses, and leaving positive reviews for the cafes, shops, and other businesses you try, you can help boost your local economy and keep SMEs alive.