Category Archives: Community

How You Grow Local Business That Pay Back Your Community

Photo by Alexandria Whitefeather: https://www.alexandriawhitefeather.com/
  • Around 50% of consumers who use a smartphone to do a local search will visit a     local store within a day, and 34% of those who use a computer or tablet do the same.
  •  78% of local-mobile searches result in offline purchases
  •  1 in 3 smartphone searches were made right before a store visit 1

 With these statistics, you’ll discover that the local business market looks promising. But the fact is, as promising as it looks, there is quite a lot of competition and to be able to best your competitors and stand out of the massive crowd, one has to employ some strategies, have a game plan and know a secret or two about giving back to the community.

This article walks you through one of the secrets of growing local businesses, and that is paying back to the community. The saying by Albert Einstein that “The value of a man resides in what he gives and not in what he is capable of receiving.” has never been so true as most businesses are valued in terms of what they can offer back to the community. Local businesses that act in a philanthropic manner towards the community and encourage community involvement tend to develop a very good rapport with the community members. With this statistics above I believe you understand how this simple act comes in handy in the long run.

In giving back to the community, a local business exudes a positive image in the eyes of the community, distinguishing itself from its competitors, also increase the number of loyal customers and happy employees. Besides, giving back not only helps in improving the business image but develops connections with important contacts and positive PR. Since local businesses often harbor a direct interaction with the community, this will definitely go beyond helping your business.

It is important to note that giving back to the community is a multifaceted idea in terms of the beneficiaries; it not only benefit the business but also the community at large. Whether it’s by assisting a local charity, sponsoring an event or voluntarily teaching skills to community members, either via monetary or material resources, in the end, this act results in a viral movement of positive influence among all involved, business and community.

According to a particular study, by The 3/50 Project2, for every $100 spent at local stores, $68 returns to the community. This shows that a more successful local business, will benefit the community even more, as the money spent will one way, or the other go back into the community.

Here’s where I think it gets really juicy… another way local business pay back to the community is that it strengthens the local economy significantly. This is a topic near and dear to the hearts of members of High Stakes Mastermind Groups.

Firstly, and at the basic level, when you buy local and grow local businesses, new employment and job opportunities open up for the people within the community – Tell me that’s not wonderful.

Secondly, it has been proven by several studies that when you buy local, rather than outside the community, more money is used to make purchases from other local businesses or service providers. The money circulates within the local economy thereby creating a more stable, recession-resistant local economy.

Lastly, when a local business grows and becomes successful, they tend to make more efficient use of public services and taxes are put to good use. The tax dollars stay in the community and of course better the community via what those dollars is used for (schools, roads, programs for veterans, etc.) Whereas when you buy from an entity outside your state, your taxes benefit that other state.

There is a greater need for small local business owners to get more involved in community matters so as to develop good relations within the community. A business also creates a good reputation as a participator, and the community is left with a positive perception towards the business. In turn, the business is viewed as a model of good ethics by the community, improving loyalty; this means that even if the business increases its prices relatively as compared to other businesses, it will still retain its share of customers.

This summer, Dala Al-Fuwaires, Principal of FJI.Design, and a member of High Stakes Mastermind Groups, is donating FJI’s interior design services to one new or growing food and beverage concept in the Greater Phoenix area. It could be a bar, restaurant, coffee shop, or bakery…as long as there is food or drink involved, it qualifies to win a pro-bono design.  This is an incredible project and an amazing opportunity to help a locally owned and operated hospitality venue.  Dala, a Local First Arizona member truly understand the meaning of working within the local economy.  All of the details to apply for Design-it-Forward can be found on her website: http://fji.design/design-it-forward/

More businesses seeing the level of customer loyalty and rapid flow of business will want to tap into this strategy thereby getting more involved in the community and other philanthropic acts. Gradually personal relationships are developed between business owners and community members. When these businesses succeed in doing this, business owners tend to cross promote and use each other – which yields maximum benefit for the community and their individual businesses.

As Local First Arizona Founder and Executive Director, Kimber Lanning says, “All together, we are helping Arizonans to build prosperity for themselves and each other, creating a resilient Arizona we are proud to call home.”

 

Stephanie forms and facilitates High Stakes Mastermind Groups for Solopreneurs and Entrepreneurs. Like an architect for business she takes them out of their isolation and helps them grow and build their own enterprises. See what it’s all about at:  www.StephanieAngelo.com

1 (Source: http://www.huffingtonpost.com/michael-lazar/click-buy-done-these-m-co_b_11657372.html)

2(Source: http://www.the350project.net/home.html)