When you make a purchase from a local business that sources its services or products at local level and is owned by local owners, something very different happens with your money than when you spend it with non-local businesses or online shopping stores.
Buying local has a direct, indirect and induced impacts on the local economy:
- Direct impact – operational spending of a business including, inventory, utilities, equipment and staff cost.
- Indirect impact – money spent at other local businesses re-circulate into the local economy.
- Induced impact – the additional consumer spending that happens as employees, business owners and others spend their income.
This advice also makes sense for the post COVID period.
The Business Chamber’s mission is to support local business development and much needed job creation.
Details of the project will be shared with members within the next 10 days.