As we look forward to celebrating Utah’s special July holiday, Pioneer Day, it seems the perfect time to focus on what matters most—supporting Utah. We’ve all seen messaging asking us to “Shop Small” or “Buy Local”. However, rather than simply promoting “buying local” for a day, week or month of the year, we are suggesting the importance of a larger role—being stewards of our local community.
“By choosing local every day, we can make choices that have a dramatic impact on our local communities, economies and environments. While it may not be possible to buy everything, we need or use from local independent businesses, we are advocating that people choose local to maximize the impact of their daily actions and purchasing decisions,” said Donna Foster of FUEL Marketing.
Money Spent Locally Stays Local
Many studies have shown that money spent at a locally-owned business stays in the local economy and continues to strengthen the economic base of the community. True local businesses bank locally, use local accountants and marketing agencies, advertise in local publications, purchase inventory from local manufacturers and use local service providers.
A statewide Utah economic study finds that adding just a tenth more of your spending into the local economy would dramatically boost Utah’s economy by $1.3 billion per year (money that currently leaves the state by national companies in nightly deposits). Another staggering positive statistic reveals that locally-owned businesses return 53 percent of their revenue into the local economy through profits, labor, reinvestment and charitable giving, compared to the 13.6 percent of return that we receive from the national chains. In fact, local businesses return over four times more to the Utah economy than chain retailers.
“One of the greatest things an individual can do to support the local community is to patronize its locally-owned businesses. Compared to national competitors, local independent businesses recycle more money back into the local economy and give greater support to a community’s civic needs,” said Brad Plowman of FUEL Marketing. “As a local business owner, we see that local businesses, like FUEL Marketing and many of our clients, are better positioned to respond to the special needs of the community, and we are more tied to the community’s future.”
Since 2003, FUEL Marketing has been an independent advertising, marketing and public relations firm located in the Salt Lake City community, and committed to growing its state’s workforce and economy. For more information and to learn more about on how you can support local businesses, contact [email protected].