As the world suffers the effects of the COVID-19 pandemic, there are still acts of kindness found in those who support local businesses.
On our previous blog, we shared the simple ways you can help Guam in the “New Normal,” and we emphasized the importance of giving back to the community.
Especially since Guam professionals find themselves out-of-work, you might be wondering how supporting local actually helps.
To keep you inspired, here are the biggest reasons why every form of support matters:
1. HELP THE ECONOMY RECOVER
The island’s economy is predicted to enter a recession, especially as the local tourism industry has halted.
According to the Guam Daily Post, “the island has an estimated 38,000 private-sector workers who have been furloughed or laid off. A few businesses have faced the inevitability that they’re not going to be able to recover from the COVID-19-related shutdown.”
Supporting local businesses can help the economy recover from the depression to avoid reaching a recession. When you support local, your money remains flowing within the country, which in turn is a cycle that promotes economic growth.
2. INVEST IN THE COMMUNITY
When the economy is in a state of depression, unemployment is expected to be at an all-time high.
Businesses are forced to close down, and with tourism as a major industry, people are losing their means to make a living and resort to building their own small businesses. Local businesses create jobs in the community, and jobs produce wages that reduce the unemployment rate.
These local businesses are also more likely to support a specific organization or charity that gives back to the community. You also get to know the people behind the businesses as fellow citizens that boost your nationalistic pride.
3. ENVIRONMENTAL IMPACT
Local businesses mostly source their materials locally, which is far more ethical and sustainable to maintain.
You can protect the environment because when you make a purchase, you know that it takes less time to travel and reduces the air pollution caused by carbon emissions while transporting.
There are also local stores that use less packaging and resources, compared to imported goods and services, so freshness is guaranteed.
4. PERSONALIZED CUSTOMER SERVICE
No one knows your needs more than a fellow citizen, and local businesses make you feel more at home with them because their focus is not to make a sale but to foster positive relationships with people in the community.
They personalize their customer service according to every individual need so customers can get immersed in the experience.
5. ENCOURAGE DIVERSITY
Local entrepreneurs become empowered when they receive support from the local community.
They will have more means to innovate and become competitive in the market. When there’s more competition, consumers can have a variety of options to choose from.
It’s easier to compete with fellow local businesses because these will benefit them and the economy, compared to foreign and big competitors.
The competition encourages businesses to up their game and learn new skills to appeal to the people, and they can pass it over the next generation of entrepreneurs in Guam.
6. ATTRACT TOURISM
Last, but not the least, as tourism begins to adjust to the New Normal, the existence of local businesses becomes their own form of attraction. In turn, they contribute to the collective growth of other establishments in their local area.
While international travel still seems uncertain, locals are sure to appreciate their domestic destinations with the presence of local businesses. Supporting them preserves existing traditions and develops a new culture for future Chamorro people.
There is something fulfilling when we give a helping hand to our own, no matter how big or small.
Supporting local businesses affected by COVID-19 manifests these benefits that we shared here:
- Help The Economy Recover
- Invest In The Community
- Environmental Impact
- Personalized Customer Service
- Encourage Diversity
- Attract Tourism
As fellow local businesses, Encore Guam believes in building good relationships within the community as we go through tough times because, at the end of the day, it’s about lifting each other up when things seem uncertain.