Here's how you can support small businesses
When you support a small business, you are also supporting the local economies. Spending your money at smaller businesses will help stimulate the local economy and keep businesses up and running within your local region. Small businesses usually purchase supplies locally helping to circulate money within their communities thus creating a mutually supporting ecosystem. Here are some tips to consider.
According to a survey done by the Madras Chamber of Commerce and Industry (MCCI), 50% of micro, small, and medium companies (MSMEs) in India are struggling to pay salaries and rent. Indian MSMEs contribute close to 30% of India's GDP.
Focusing your expenses on your local area is the best way to support small businesses. Consider purchasing from a small business and not a big brand. Shopping locally does not necessarily mean excluding online sites. Many small businesses these days operate online, by selling through hosting sites. If you are thinking of sending presents to someone out-of-town try looking for stores in their towns.
Support small businesses by purchasing and using their items and even tagging them in social media posts. A shout-out to small businesses will help increase their followers and their customer base and bring in more cash. Your peers trust your choice, so ask them to shop from small businesses as well. Write positive reviews in detail every time you buy from them.
Cash flow is crucial to any business, but especially to small businesses that do not have the reserves of larger corporations. Paying in advance or offering a deposit to ensure the delivery is a small gesture that any business will appreciate. In case you are unable to receive a delivery, reschedule the service instead of canceling the order and causing them losses.
Everyone loves a discount, but maybe now is not the time. If you can afford it, pay the full price. You do not bargain with big brands, and buy the item at its listed price. In case you find a small business item too expensive buy something that you can afford instead. Use positive word of mouth to help your favorite small businesses flourish.
If you are an accountant, a banker, a digital marketing specialist, a computer guru, or a marketing adviser, local businesses would welcome an expert's help. If a small business you know is struggling, offer any skills or services you are good at for free or at a nominal charge. Once you see them succeed with your help you will feel elated yourself.