Why You Should Choose a Local Company
It’s obvious that technology has brought the business world closer and US Companies do business with organizations all over the world. However, business owners sometimes forget that local vendors bring numerous advantages that go well beyond convenience. Here are 8 reasons why doing business locally makes great sense.
Why Choose a Local Company?
- Keeps the Money Locally – small local businesses recycle the majority of their earnings back into the local economy. Several studies have shown that local businesses retain over 30% more of their earnings, locally, versus national chains.
- Creates Local Jobs – local businesses create more local jobs and in many sectors offer better wages than national concerns. They also have greater impact on local vendors as well.
- Make local decisions. – there is no need to wait days or weeks for a response, The ownership is usually located right down the road. Responses/ decisions are usually minutes away, not days.
- Offer Better Customer Service – local companies employ people that are familiar with your turf. One phone call typically can generate a visit within hours. Let’s not mention that dealing with an 800 Number can be frustrating at times
- Creates Competition – a marketplace of thousands of small and medium size businesses is the best way to maintain lower pricing over the long term.
- Builds Strong Communities – locally owned businesses build and sustain vibrant communities. They normally support local charities and events that help everyone.
- Entrepreneurship – they fuel America’s economic innovation and in many cases serve as a bridge to elevate local families.
- Better Product Choices – local businesses are in tune with the local economy and needs so their product offering many times make more sense.
Selecting a Local Company
- Financial Stability – when making your selection, be sure that you are aware of their track record. Check around and see what their financial picture and business reputation is like. Check with the BBB , on-line and local business organizations.
- Technology – does it meet your business requirements? Is it locally supported? What advantages does it bring to your business?
- Confidentiality – large or small keeping your information confidential is key. Make sure to ask what systems are in place to ensure that your information stays safe. Are they taking extra measures to ensure that your information remains safe?
- Local Track Record – ask for numerous local customer references. Ask them what are their strengths and weaknesses. Can they handle your business (load)? You may want to speak to some companies that no longer do business with them.
- Ease of Operations – inquire about product support. Is the product/ service supported by local employees who know the local laws? Is it supported locally or is it done abroad or in other state(s)?
- Smooth Transition – if you were to choose that vendor/ partner, what would the onboarding look like? Will it be done in person or remote and how much involvement would you have in the transition?
These are just a few advantages and comments that business owners sometimes don’t realize. Instead they go for a heavily advertised flashy traditional company whose best interest lays elsewhere. Always take your time, do the proper analysis and if you need help, it’s not a bad idea to consult your financial advisor.