The Promise
I will strive to support local businesses rather than always buying from large corporations.
Impact of the Promise
A quick trip to Walmart™ or McDonalds™ is quick, easy, and most importantly, convenient. However, those local businesses that seem to have few customers need your help: the rate at which small businesses in America fail is alarming. According to a 2010-2019 study by the Bureau of Labor Statistics, almost 20 percent of small businesses fail within a year of launching. Among the remaining businesses, 44 percent fail within five years of launching. In other words, our country is doing a poor job of supporting independent businesses.
So, why exactly should someone support a local business? Supporting a small business actually has significant benefits for a community. According to District Director of the U.S. Small Business Administration Beth Goldberg, “When someone spends $100 at a local small business, $48 is recirculated in our local economy. But if that same $100 is spent at big box store or national retailer, only $14 makes it back to our local economy.” Local businesses recirculate money into the local economy at more than three times the clip of large corporations! If you want to see your money directly supporting the community, support small businesses.
Action Items
Do
- Choose a few local businesses that you would like to support
- Make connections with those who work at your favorite local businesses
- Find other ways to support a local business; buying products is not the only way
- For instance, you can tell friends/family about the business
Don’t
- Feel pressured to always buy from small businesses
- Think of a small business as less hardworking than a large corporation
- Visit a local business only once; try incorporating them into some kind of routine shopping
Resources:
- https://www.lendingtree.com/business/small/failure-rate/
- https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/nearly-20-billion-spent-americans-small-business-saturdayr
Element of Honor
Compassion
Through my actions I seek to alleviate suffering, establish peace, and build happiness with others and in myself. I recognize that the world is in great need. Because of this need, I am needed. My belief in the importance of a promise is strong; however, I know that doing what is right will always be more important than keeping a promise. Commitment holds me accountable to my compassion; it does not blind me of it
Did you complete this Individual Action Plan?
If you have completed this Individual Action Plan, tell us about it!
Please share your experience here!