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Seven Ways to Support Small Businesses

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    • FNBO

      Small Business
      Apr 24 2024

Seven Ways to Support Small Businesses

Small businesses are the heart of a community, driving the local economy and creating jobs. According to a 2022 study, approximately $0.68 of every dollar spent at a small business remains within the community, nurturing growth and prosperity. And, statistics from the U.S. Small Business Administration underscore the contribution of small enterprises to national employment. The numbers show that the more than 30 million small businesses in the United States employ 58.9 million people — that’s 47.5% of our country’s workforce. 

When a community is home to successful small businesses, everyone benefits. Individuals can purchase goods and services locally and keep their money circulating within the local economy. Businesses can use profits to grow their companies or reinvest a portion in the form of philanthropy. And city and state tax dollars collected help support local projects and services.

Yet, despite their invaluable role, small business owners face many challenges ranging from inflation decreasing buying power to attracting new customers. Add in the allure of big-box retailers and the convenience of online shopping, and it’s clear that small, local businesses need our support now more than ever.

In honor of Small Business Month, here are seven ways you can support small businesses:

  1. Shop local, shop small. This seems obvious but does require effort. Rather than heading to a large chain store, visit neighborhood shops and specialty stores. Explore the diverse offerings of local businesses, from fashion boutiques to niche service providers, and purchase gift cards for friends and family to expand the reach of your favorite local businesses. And don’t forget that many small business websites offer online shopping options.
  2. Attend local events. Participate in local markets, craft fairs and community events where small businesses showcase their products and services. These gatherings also provide opportunities to build connections with local entrepreneurs.
  3. Procure locally for business needs. Extend your support beyond personal purchases by sourcing goods and services from local vendors for work events and other needs. Whether it's floral arrangements for corporate meetings or catering services for business luncheons, prioritize collaborations with neighborhood enterprises. Consider buying employee and client gifts from local companies as well.
  4. Spread the word. Share your experiences and recommendations with friends and family and leverage social media platforms to spotlight small businesses and amplify their reach within the community. 
  5. Publish positive reviews. Sing the praises of small businesses and local restaurants on review sites like Yelp, Google and TripAdvisor. Positive feedback not only bolsters the reputation and credibility of local establishments but also serves as a beacon for prospective customers.
  6. Offer feedback. Do you have a complaint? Share concerns directly and privately with the business, giving owners a chance to make things right. Constructive feedback can help small businesses improve their products, services and customer experience. 
  7. Join loyalty programs. Enroll in loyalty programs offered by small businesses. Often, they offer exclusive discounts, special offers and rewards for your continued support.

You can make a positive impact in your community during Small Business Month and throughout the year. If you’re interested in making a more direct and personal impact, consider leveraging your skills and expertise. Whether it's offering pro bono services in web design, marketing assistance or administrative support, your contributions can make a tangible difference in the success of small enterprises in your community.

The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.