Three Benefits of Keeping Business Partnerships Local
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowSupporting local business is crucial in maintaining a healthy economy, and in recent years, a movement has begun to support local entrepreneurs. People are more drawn to people doing business in their very own cities.
As co-owner and co-founder of Fishers Imports, I firmly believe in doing business with my neighbors. Together with my brother and business partner, Amir Rashid, we consciously decided to work exclusively with Indiana startups and companies for outsourcing business needs. From marketing tech companies to financial institutions, we’ve found these localized relationships nurture the business development of Fishers Imports while also giving more to Indiana’s economy.
With that effort, we’ve realized the positive impact it’s had on our business while also having peace of mind in our contribution to Indiana’s economy. The following benefits are only a few Fishers Imports has top of mind when pursuing local business partnerships.
Better, more personalized service
Local business partnerships likely equate to a more personal investment in each other’s wellbeing. This kind of relationship thus lends better, more personalized customer service. Dedicated contacts take the time to come to you, learn your business and understand your needs before proposing exactly what service or product you may need to operate in the most efficient and cost-effective way.
Also, by avoiding the run-around for direct contact – no more 1-800 numbers and automated voicemails – local businesses are more likely to truly understand your business model and market. They are local, after all. The easy accessibility also results in flexibility and adaptability when your business needs a shift in product or service.
The bottom line is when working with local businesses, you are more than just number on their customer roster. You matter.
Investment in entrepreneurship
As an entrepreneur myself, I understand the hard work that goes into starting, growing, and maintaining a successful business. The American economy thrives on creativity and entrepreneurship, and nurturing neighboring businesses ensures a strong community. Not only are you supporting the dream of a professional just like yourself, you are also creating local jobs and recirculating more money into the local economy. Together, those efforts make a large impact in the wellbeing of your community.
Boosts local economy
Most importantly for us and many businesses, knowing that we are reinvesting our money into the state’s economy makes the relationships even more meaningful. According to AMIBA, independent locally owned businesses recirculate a far greater percentage of revenue locally compared to non-local or franchise businesses. In fact, that same study found that for every $100 you spend locally, $68 will stay in the community while non-local businesses only recirculate $43 locally.
We want to make sure the money we spend with our vendors and business partners is put back into our local economy as it affects us – personally and as a business – as well as our clients.
In addition to our contracted work with local businesses, we become a great reference for them, bringing them more business, and vice versa. Local businesses are way more likely to scratch your back when you scratch theirs.
Many businesses go out of state to work with larger corporations, but it’s apparent to us that staying local often boosts the benefits of our outsourced partnerships.
Peyman Rashid is owner and co-founder of Fishers Imports.