Put your money where your house is.
I've been thinking about my bank account lately, and I don't mean just worrying about how small it is. I'm wondering what my money is doing for my community. Times are tight and it's important to know where your dollars are going. When you purchase a good or service, think of it not as money spent, but as money invested.
It seems obvious that we do business where we perceive to receive the best value for our time and money. Perceptions, however, are not always accurate. I argue that it makes better sense to support your community first, especially during times of economic turmoil, even if you have to put an extra nickle in the parking meter or spend a couple extra bucks for the same item
you could have picked up at the big-box national chain store down the street.
We love to embrace the idea of distinctive businesses with local charm and character, but often forget their survival depends on our patronage. It is easy for us to get so consumed by efficiency that we forget how much of our lives we spend eating out, shopping, and doing other business. We owe it to ourselves to consider the quality of our experience, and ask if we benefit when we choose a community-based business.
Independent local businesses employ a wide array of supporting services. They hire hometown Realtors, architects, designers, sign makers and contractors. Opportunities grow for local banks, accountants, insurance brokers, computer consultants, attorneys, advertising agencies and others to help run it. According to the 3/50 Project , for every $100 spent with locally owned independent businesses, a whopping $68 returns to the community through taxes, payroll, and other expenditures.
I'm not advocating boycotting the big-box stores, chain restaurants, and other national businesses. I'm just saying spend wisely. Local owners with much of their life savings invested in their businesses have a natural interest in the long-term health of the community. Community-based businesses are also essential to charitable endeavors, frequently serving on local boards, and supporting a variety of causes.
Life is not all about financial capital; it's also about "living capital," which is the quality of life in your community. It's not necessarily quantifiable, but is something we feel. We know in our hearts what it is. And each time we spend a dollar, we would do well to weigh the full value of our choices, not solely to ourselves immediately, but for the future we want in our own hometowns.
In a nutshell, it really boils down to investing money in the people who are making your community a better place to live.
I've been thinking about my bank account lately, and I don't mean just worrying about how small it is. I'm wondering what my money is doing for my community. Times are tight and it's important to know where your dollars are going. When you purchase a good or service, think of it not as money spent, but as money invested.
It seems obvious that we do business where we perceive to receive the best value for our time and money. Perceptions, however, are not always accurate. I argue that it makes better sense to support your community first, especially during times of economic turmoil, even if you have to put an extra nickle in the parking meter or spend a couple extra bucks for the same item
you could have picked up at the big-box national chain store down the street.
We love to embrace the idea of distinctive businesses with local charm and character, but often forget their survival depends on our patronage. It is easy for us to get so consumed by efficiency that we forget how much of our lives we spend eating out, shopping, and doing other business. We owe it to ourselves to consider the quality of our experience, and ask if we benefit when we choose a community-based business.
Independent local businesses employ a wide array of supporting services. They hire hometown Realtors, architects, designers, sign makers and contractors. Opportunities grow for local banks, accountants, insurance brokers, computer consultants, attorneys, advertising agencies and others to help run it. According to the 3/50 Project , for every $100 spent with locally owned independent businesses, a whopping $68 returns to the community through taxes, payroll, and other expenditures.
I'm not advocating boycotting the big-box stores, chain restaurants, and other national businesses. I'm just saying spend wisely. Local owners with much of their life savings invested in their businesses have a natural interest in the long-term health of the community. Community-based businesses are also essential to charitable endeavors, frequently serving on local boards, and supporting a variety of causes.
Life is not all about financial capital; it's also about "living capital," which is the quality of life in your community. It's not necessarily quantifiable, but is something we feel. We know in our hearts what it is. And each time we spend a dollar, we would do well to weigh the full value of our choices, not solely to ourselves immediately, but for the future we want in our own hometowns.
In a nutshell, it really boils down to investing money in the people who are making your community a better place to live.
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