5 Reasons why it is important to support our local businesses
Filipinos are enterprising in nature. In fact, according to the Department of Trade and Industry, small and medium-sized enterprises (SMEs) make up 99.6% of all registered businesses in the Philippines—yet they account for just 35% of the country’s Gross Domestic Products (GDP).
Although the problem may be traced back to many factors, we, as consumers, have the power to help realize the full growth potential of SMEs in the Philippines.
Here are the reasons why you should be heading to your local bakeshop instead of the large bakery chain down the street the next time you crave for some delicious pastries. Or to your neighborhood dress shop for your fashion apparel, instead of the multinational clothing-retail company with a giant neon sign. Or to your neighbor’s ice cream store that you’re sure uses fresh and pure carabao’s milk, instead of the ice cream parlor endorsed by some exorbitantly paid celebrities.
1. They help build the local economy.
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SMEs are more likely to utilize other local businesses like banks, service providers, markets, farms, etc.
2. They employ people from the community.
Photo via Anissa Villarde/InqPOP!
Locally owned businesses create more jobs locally and, in some sectors, provide better wages and benefits and better working conditions than chains do. Local ice cream store Elait, which employs an all-deaf staff, was commended for promoting inclusivity and providing jobs for people with disabilities, where they feel empowered and treated as equal.
3. They care about and are invested in the well-being of your community and its future.
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Local businesses, after all, are owned and operated by your very own neighbors! They have a stronger sense of accountability, too. Unlike big chains that are run by boards, stockholders or algorithms, SMEs provide a different kind of care and quality in their products because most independent businesses are actually run by people. SMEs also offer better and personalized customer service.
4. They help build, preserve and promote community character.
Photo by Kristian Ryan Alimon
Cities across the country have similar chain restaurants, for instance, but those cafes, food stalls and small restaurants along the Maginhawa street in UP Village exude an air of uniqueness. They are the fabric and lifeline of that particular community. Creating and offering choices to their patrons, they can also bring originality and variety in a world that’s becoming increasingly homogenized. SMEs are where the most interesting concepts and most unique ideas are generated.
5. They create familial relationships with the customers.
Photo by Rainier Ridao via Unsplash
Local businesses feel like home because you know the owner and they mostly know you. They are more aware of your needs and can address them immediately. With their size comes flexibility, so SMEs have the freedom to redeploy resources and change goals in no time.
Aside from the community, the small entrepreneurs have another reliable and trusted business partner to help them start, run and grow their business.
Through their various programs, Globe myBusiness is providing SMEs with leading-edge BUSINESS SOLUTIONS and EXCELLENT SERVICE to help them succeed in every step of the way. Globe myBusiness offers free on-ground learning through Globe myBusiness Academy sessions and online learning, sign up here. This initiative is anchored on Globe’s conviction that by supporting our local businesses and SMEs, we are, in turn, supporting our local economy. /LA
