A few years ago, purchasing internationally – at least across many categories – was a no-brainer. Prices were significantly lower, and quality and increased exponentially even from countries not traditionally associated with manufacturing. But this is often no longer the case, with local suppliers being forced to compete internationally, and overseas suppliers adjusting their prices in line with increasing costs. In this article, we will talk about why spending locally is now the best option.
It’s no secret that local economies rely on local spending. While single transactions don’t make a significant dent in the economic figures, hundreds of transactions certainly do. Local spending, when undertaken by large groups of people, creates more than just happy business owners, it creates a flow-on effect to other businesses, and makes a real impact on the quality of your life and those of the generations that follow you.
When money stays local everyone benefits. None more so than local business owners who can engage more effectively with those closest to them. Interestingly, this isn’t a purely financial benefit. When business relationships improve, networks grow, friendships develop and communities become closer. The local coffee shop is a brilliant example of the power of a business to bring people together, but the same can be true of any business that engages effectively with locals.
Your Quality of Life
Thriving local businesses can behave fearlessly. When this is the case – when business owners are confident their businesses are stable – innovation leads the way. This means more, and better products, expanded service offerings and a more robust, thriving community. Examples of this include silicon valley during the tech boom, and North Queensland during the mining boom. When business is doing well and money is staying local, everyone wins.