Support for Local Businesses More Important than Ever
19 Jan 2021
Small businesses took the brunt of the economic hardship during the COVID-19 crisis. It is more important now than ever to help local small businesses recover due to their role driving economic vitality within local communities. Every dollar spent at a small business supports another 50 cents in local business activity. As an added incentive, every ten jobs created at a local business, support an additional seven jobs within the community, according to The Small Business Economic Impact Study, conducted by American Express in 2018. The study states this impact is possible because for every dollar spent at a local businesses –
- 67 cents stays within the local economy
- 50 cents is created in local business activity (outside of that particular business)
Consider those numbers for a moment. If every ten jobs created by local businesses creates another seven jobs, what would the loss of ten jobs do? The ripple effect can be devastating for the local economy. This makes it critical to support small businesses now and facilitate a quick rebound after COVID-19.
Additional reasons to support small businesses -
- Small businesses pay local taxes and employ local people, which helps build local economies.
- Local business owners are neighbors, colleagues and friends. Supporting them helps build community and social capital.
- Local businesses are more likely to have unique, handmade or one-of-a-kind products that can’t be found at chain stores or big online retailers.
- Small businesses positively contribute to the character of our community, making it a special place to live.
Ways to Support Local Businesses During COVID-19
Most businesses have altered how they do business in response to COVID-19. As we move into the new year, many of the businesses you used to frequent, from the restaurants you ate at, to the boutiques you sought out for the perfect birthday or anniversary gifts, are open again. Visit their website and Facebook pages to learn of their new hours and if they continue to take orders online or over the phone. Many are still providing curbside pickup or delivery and other services virtually. One resource for restaurant operation in the Yankton area is Yankton Grub Love. In most cases, they have kept their online ordering system. This makes it possible to continue supporting local businesses, even if you are unable to physically shop or dine there. Continuing to purchase from these businesses, even in a reduced capacity, can help to keep people employed. Other suggestions include -
- Purchasing gift cards to be used at a later date.
- Ordering dinner delivery for friends, family and colleagues you would normally have dined with.
- Maintaining subscriptions and memberships with local organizations.
We Are In This Together
The new year brings new hope that the impact of COVID-19 will lessen. As it does, we all must remember it is still important to continue supporting one another. We don’t yet understand what the full economic impact of this will be, but we do know that we are strong as a community that supports one another. As always, Yankton Area Progressive Growth is here to support local businesses who need information and assistance.