Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
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8 UCW NOVEMBER 23 - 29, 2022 WWW.UPANDCOMINGWEEKLY.COM Reasons to shop small benefit local community a STAFF REPORT e importance of small businesses to the economy cannot be overstated. ough national chains often garner publicity, local businesses are equally, if not exceedingly, worthy of atten- tion. What defines a small business as "small" varies significantly, but these businesses are generally privately owned and generate far less revenue than big corporations. General consensus also defines small businesses as companies with fewer than 500 paid employees, ac- cording to the U.S. Small Business Administration. Here's a look at why small busi- nesses are so vital, and why consum- ers should consider directing some of their purchasing power to smaller companies rather than the big box retailers and other national chains. Autonomy and diversity e layout and offerings at national chains will be identical whether you live in the mountains or at the beach. Big box stores follow a consistent marketing strategy and look the same regardless of where they are located. at familiarity can come at the cost of variety. On the other hand, an inde- pendent business offers the products and services that are reflective of the customers and the community that they serve. Local hiring strategy Certain big box retailers will hire local residents, but hiring policies may push for promoting from within the organization. is could mean relocat- ing an employee rather than bring- ing in someone from the community who may be more in tune with local sensibilities. Small businesses may be more inclined to hire residents they know and keep hiring centralized to the local area - something that keeps more resources and money in the community. Adaptability and change Local businesses can move more quickly to respond to economic fac- tors that require change. Since they are focused more on the needs of their customers rather than stockholders, changes can be implemented rapidly without having to go through red tape, meetings and updates to corporate policies. Changes also can be custom- ized to the local commu- nity at large. Investing in the town According to the financial resource Financial Slot, shop- ping at locally owned businesses rather than big box retailers keeps more money in the com- munity. Local property taxes and other taxes paid by the businesses go right back into the community. is helps raise overall value for homeowners and can even reduce their taxes. e funding helps keep police, fire and school departments functioning properly. Turnover is greater While no one wants to see a small business fail, that fate is sometimes unavoidable. However, that turnover helps teach communities what was done poorly and helps others learn from those mistakes. It also means fresh businesses will come in and replace the old, driving new growth, opportunity and competition that keeps prices competitive. e benefits of a thriving small busi- ness sector are numerous. Consumers can do their part by patronizing these firms more frequently. Members of the Downtown Alliance meet regularly to discuss and plan efforts that help build economic opportunities for local busi- nesses. (Photo by Isaiah Jones) Seasonal & One-of-a-Kind GIFTS are HERE! 2828 Raefd Rd. 910-988-7777 www.fayettevillepiccadillycircus.com Hours Mon-Sat 10-6 • Sun 12-5 SAVE THE DATE! An Experience To Bragg About! Proud to be a 5-star rated credit union! JOIN TODAY! Equal Credit Opportunity Lender. FEATURE