Small businesses are still facing a number of challenges, even as we start to return to a more normal lifestyle. There are supply shortages, staff shortages and the pressure of keeping up with the increased services that we may have become accustomed to during the pandemic, such as curbside pickup. Many small businesses are having difficulty keeping up, and we’re seeing restaurants and mom-and-pop shops close around us. You may see the campaigns encouraging communities to “shop local” but now it’s more important than ever to support local small businesses. Here are five reasons why.

• Small Businesses Contribute to Local Economy

Supporting local businesses has a chain reaction affecting other local businesses. For instance, a restaurant buying ingredients from local farmers and using a local marketing agency helps the community thrive. Most large chain retailers are using corporate or outside resources.

• They Offer a Unique Product Selection

Small businesses need to stay competitive, therefore they make an extra effort to offer innovative products that are different from big brand retailers. And because they buy in lesser quantities, small businesses may have an easier time keeping up with inventory. 

• They Contribute to the Character of the Community

Locally owned businesses showcase and reflect the personality of a community. They have better insight of what their consumers like and want, which is reflected in their products and services. They even give tourists a taste of what the local culture is like through product selection they curate.

• They Do More to Give Back

Small business owners are more likely to participate in community events and to give back to local nonprofits either with donations or volunteering their time. They have a greater sense of pride in the community they live and work in, and building a good reputation is important to them and their business. They care. 

• Small Businesses Foster Entrepreneurship

A successful small business can inspire others to take a leap of faith and launch their own small business. An example of this is seen with food truck owners. The food truck community is incredibly supportive of one another and is often a source of inspiration.  Many have  found ways to collaborate and thrive.

So, the next time you venture out to shop, please consider visiting a small local business and all they do for the local economy. 

Waypoint Bank strives to be an exceptional provider of superior financial solutions that promote the small-town approach of putting the customer first while earning their trust in the most friendly and professional manner possible. Stop by your local Waypoint Bank today or schedule an appointment online.