The image of a Buy Local initiative may conjure up thoughts of mom and pop restaurants and retail establishments, but creating a culture of local purchasing preference is about a much wider range of businesses than just those traditionally considered part of Main Street.
The majority of jobs are created from small and mid-sized businesses and when we make a point to spend our money with homegrown companies, we help strengthen and diversify the regional economy. That’s why the Chamber launched Move Your Money to Memphis, a local spending initiative aimed at keeping more money circulating in our local economy.
While there are many advantages of spending money with locally-owned businesses, here are five benefits of spending money with Memphis-based companies and companies that have operations in our city.
When you spend money with a locally-owned company…
1. Local jobs are created and sustained.
When money is spent locally, business productivity rises creating a stronger business climate and bringing more employment opportunities.
2. More money stays in the Memphis community.
Money spent locally recirculates back into the community helping to fund non-profit and community organizations that serve and help local people.
3. The local economy is strengthened, which helps strengthen the whole community.
The cycle of creating and spending wealth locally creates a strong local economy that benefits the entire community. Every additional dollar that circulates locally boosts local economic activity and ultimately, tax revenue.
4. Quality of life is improved.
Local business owners and their employees contribute financially and volunteer their time to support local organizations and charities, which directly impacts the quality of life for the broader community.
5. Infrastructure is improved.
Local businesses contribute significantly to the local tax base, which helps pay for roads and schools in the community.
Join the movement and #MoveYourMoneyToMemphis.
Want to do business with local companies? Search our directory for local businesses.
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Share the infographic with the hashtag #MoveYourMoneyToMemphis
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