Keeping dollars circulating locally is key to the economic health of our communities. For every $100 spent locally up to $46 stays in your community, as compared to just $18 when spent at a big box or chain store. Shifting spending into local businesses can pave the way for growth, new jobs, and a thriving economy. Better yet, it also helps to keep creative, invested and entrepreneurial people in your community.
More than 50% of small businesses – much higher in the North – do not have an online presence. Love Northern BC is changing that. The program works with locally owned, independent businesses to create online profiles, complete with professional photography and writing that will allow these businesses to be found in a world that is increasingly reliant on digital information.
Locally owned businesses are stable generators of wealth and are more resilient in times of economic hardship. During business downturns they are less likely to relocate. When a large employer leaves a community, this departure is often followed by massive unemployment and lower tax revenues. The stable employment and services local independent businesses provide are an asset to northern communities that are not strangers to boom and bust cycles.
Local businesses serve as a sound investment when considering how to build a stronger north. In resource-dependent economies, unique local businesses also diversify the economy and strengthen the region.
