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Consider a world without commerce and the trade of goods and services. It will seem to be an insufficient and unsatisfying home for mankind. Business is what stops the human heart from pumping indefinitely. The global investment in improving and reshaping the local market domain is increasing dramatically and rapidly. The role of the local population in every culture is becoming a game-changer in terms of the realization of different nations' growth goals.
Academics, politicians, industry practitioners, and the general public have all emphasized the importance of social creativity, enterprise, and corporate social responsibility. All these are elements that form the core structure of the whole policy of restructuring the business angle of locally oriented and run business operations. Local business is seen as a key tool in tackling the various humanity, economic and social challenges engulfing the world. The world is suffering and among the top and elite strategic approaches to utterly deliver a healing touch is engaging the local community in building the economy through direct means which are unanimously at disposal in the frontier of local business frameworks.
This paper is a comprehensive coverage of the whole issue of local business with each of the subsections acting as a representative of a crucial concept of the essence of buying and transacting business needs locally. A well-structured analysis of the potential positive effects of local products and services as well consumption. The question "Why Buy Local?" is primarily a key guiding argumentation in setting an acceptable and streamlined network for supporting local business and exchange.
Previous and documented research findings have it that locally owned businesses are more desirable because they produce successful communities among a wide range of metrics including economic returns, jobs in a local aspect, and social and civic well-being.
Economic Returns and Sustainable Money Circulation in the Community
When money is consumed locally, it can be re-spent locally on an equal or higher measure. This elevates the overall and basic level of economic activities, releasing out more salaries and in the long run building a resilient and ultimate locally oriented and maintained the tax base. (Leroy, Fryberger, Tarczynska & Bird, 2015). The process of money re-circulation establishes a formidable existence of economic activity with the expansion and growth degree wholly dependent on the local spending in the local frontier.
Local Premium in the United States is an undisputed and quantifiable advantage to many regions provided by the local owners of business entities. According to the study by (Rupasingha, 2013), there is a substantial generation of local premium by local businesses and an added economic benefit which surpasses the benefits accrued by the chain retailers. In this regard, money will be moving around smoothly within the local economy which leads to extensive and advanced investments in public and social infrastructure like schools, hospitals, recreation facilities and libraries, and increasing taxable transactions to facilitate and fund services delivered by the local government.
Creation of Jobs
Small and local business entities are the biggest shareholders in employment. They are responsible for creating two of three employment opportunities. The national constitution recognizes the role played by small businesses, and it defines it as a business operation which is autonomously owned and operates with less dominance in the field of specialization. Local business employ close to 55% of the American employees (Leroy, Fryberger, Tarczynska & Bird, 2015). In this regard, this sector is very important in running the overall economy of the country. From the department of commerce, local businesses have created more than 5 million jobs to the economy since 2003 (Minicozzi, 2013). When the local entities enjoy a consistent flow of clients and consumers, the employment stability is positively impacted. This opens the doors for more and more employment opportunities as new ideas are born.
A Wider Collection of Consumer Choices
A market environment dominated and engulfed by small and local businesses investments is usually the best frontier for cultivating and nurturing innovation and new idea creation and long-term low prices which are stabilized by the consistency of the economy's performance. Local business multitude with a selection strategy on products based on local sales plans and the demands and requirements of local consumers ensures the business and supply market is potentially resourceful for a broader collection and range of product and service choices. A lot of research has been done to affirm the argumentation that entrepreneurial skills and knowledge form a significant role in creating a proper collection of these choices. Distinctive and uniquely defined inventions will ensure that there is a proper coexistence relationship between the various business ventures enjoying a particular source market.
Controlled and Sustainable Environmental Implications
The ecological footprint is very secure with reduced access to products, services and materials acquired from national and regional retail stores. Local businesses are perfect sources for localized purchases and supply which demand very little indulgence of transportation. They operate within strategic localities like within cities and its suburbs. They don't extend to wider regions which create the challenge of transportation which extends the adverse effects to the natural environment (Merriman, Persky, & Davis, 2012). As a result, very few vehicle miles are covered in the event of reaching out to consumers. Consequently, controlled and minimized sprawl and recline levels characterize the business environment and process. Reduced usage of transportation means decreased traffic jam and congestion hence potentially reducing the levels of fuel emissions which are behind the menace of air pollution
It is proven that local raw materials and products enjoy a good number of environmental benefits (Consumer Reports, 2016). The waste levels associated with these products are very low due to the positive support of eliminating unwanted transportation and delivery needs. Less packaging comes with reduced demand forces and packaging demands as far as landfill sites are concerned. The National Resource Defense Council has invested humungous on sensitization programs for the locals on the need for local businesses and purchases which is a factor fueling reduced pollution, improved health and improved air condition and quality.
Improved and Quality Customer Service
There exists a monumental and hefty purchasing power from local business enterprises. The money used to get services and products from a local retailer often have a huge implication on the options of the product and service than when using the same amount of money for online or chains retailers. Buying locally is usually a process which defines the consumer as an individual but not as a consumer statistic. A withstanding and supple affinity and rapport between the consumer and the small, local business is created, and through substantial familiarity attributes, the service delivery is effective, conveniently and satisfactorily done. Strategies for deepened tailoring o products and services is very possible for local businesses since they enjoy a small and convenient consumer base (Mc Daniel, 2002). No national or regionally stipulations which the local businesses are made to stick to at all times of their existence.
Less Exploitation of Public Resources and Infrastructure
Non-residential land frontiers, local speciality businesses are best performers in generating the fiscal results ranging from infrastructural denominations of hotels, fast foods, containerized retailers and shopping floors. According to Tischler and Associates' analysis of 2002, the costs incurred by big investment businesses are based on employment capacities and rates of vehicle trips. Since speciality retailing stores endure fewer rates of vehicle trips, their engagements with the public transport systems are also reduced and sometimes totally avoided. This shows that the local businesses contribute less in the bulging budgets which are associated with infrastructural operations like roads and police departments construction (Merriman, Persky, & Davis, 2012).
The development and growth of local economic units attract brand new professionals and talent. This expands the school of thought in the business framework. And as a result, these fresh and professional minds come with a ripened potential of creating and developing business ideas which are then conceptualized in various domains hence boosting the local economy. Local businesses are simply precipitators of entrepreneurship. Through personal and adventurous initiatives the recruits give the market pool a new face and the existing firms are strengthened by the additional market forces induced (Rupasingha, 2013).
College graduates are regarded the most valuable assets pursuit to the entrepreneurial culture. They are young professionals who are responsible for redefining the destiny of local businesses. The Small Business Association of Michigan (SBAM) has coined the nurturing of new minds into the aspects of the local business "economic gardening". It is all about strengthening small businesses poised for growth instead of recruiting companies which might locate elsewhere similar to national retailers. Acquiring goods and services from shopping outlets from locally oriented businesses assists in expanding the community regions. As a result, this phenomenon leads the community with the ability to attract the latest brains of talent and skills enjoy the presence and retaining of young and energetic professionals. The owners of the local businesses are native dwellers and part of the community and therefore the chances of them leaving at one time are futile and almost insignificant (Moscarini & Postel-Vinay, 2012). They are key stakeholders in the future investment of the community. Despite being sources of employment and income for their employees, local businesses spend part of their money and finances at other local businesses' services and products. In this regard, once an individual buys from the locals, he or she creates a job for others, contribute to enhanced public infrastructure and heightening investments in one's community both economically and socially (Leroy, Fryberger, Tarczynska & Bird, 2015).
The Process of Strategic Management in Local and Small Business Entities
Strategic planning is an essential component of the whole process of strategic management. As a process, strategic management involves planning and implementation. It is defined as a process used to identify and execute the small business strategic plan buy levelling the new business potential and capabilities with the crucial ties of the business environment. It is imperative for any entrepreneur to understand that the strategic plan is more than a philosophical approach towards idea actualization in the field of business. The newly ordained graduates from learning institutions and entrepreneurs should have a clear understanding of the strategy put in place to implement the business ideas. There are five stages which are used in the process of strategic planning. These are goal enactment, analysis stage, the formation of the strategy, implementation and actualization of the strategy and lastly strategy supervision.
Goal enactment and the setting is the first stage of strategic planning. It is a step which is made as a tool of clarity on the business idea and its relevant vision. The local business owner should categorically define the short and long-term objectives and then identifies the process to be used in accomplishing the objectives. For the local business to kick off perfectly, each member or employee is assigned particular task which marches the qualification he or she owns. The goals should be effectively detailed and ascertained as fit to the vision values and clauses. Lastly, the entrepreneur should establish a strong mission statement which communicates goals to both the staff and the market.
A very special stage whose outcomes defines the success of the next local business stages of actualization. The relevant pieces of information and data are gathered and analyzed to create a helpful element of vision accomplishment. The main focus of this stage is to understand and highlight the business needs for strong footprints of sustainability. It also gives a clear cutting edge for the organization's direction, and initiatives made to enhance business growth and development. An examination of both internal and external factors which are responsible for the performance of the business goals and objectives.
This stage starts with a review exercise on the gleaned information from the completed analysis. The availability of production resources is determined to ensure that the goals and objectives are keenly protected. If any areas for identifying exists, they are highlighted in this stage. Possible challenges are highlighted, and this gives the planning team a calm environment to start the formulation process of the strategy. Alternative approaches are drafted in this stage, and they are projected for potential usage (Amit and Zott, 2001).
Implementation and Actualization of Strategy
The success story of the implementation process is very critical for local business ventures. It is the premier stage of the process of strategic management. If it fails the life of the business concept is almost and equally dead. The role of an alternative strategy is a factor which cannot be avoided if the implementation process is to be safe. In case the preferred structure fails, the alternative should be quickly called to task (Amit and Zott, 2001). Every staff and stakeholder should be familiarized with the responsibilities attached to him or her. Funding services should be secured at this stage. And the moment the funding is in place, the business is good to start off its life.
Control and Evaluation
Strategic control and evaluation operations include review programs on the internal and external issues, measurement of performance and corrective measures if need be. The definition of the parameters cannot be avoided if the evaluation process is to be successful. They should measure according to their performance and ability to meet the goal requirements as stipulated in the first stage. In case the strategic plan is going astray from the business and preset goals, corrective actions should be taken swiftly to avoid complications and collapse incidences (Mc Daniel, 2002).
The world clearly needs the contribution of local business investments in the mission to create a more stable and independent society. The benefits of local businesses are most a times ignored and discredited. However, the magnitude of these benefits, in the long run, are simply immeasurable. The relationship and link between local business and the local citizens of any country are very important. It determines the ability of the business to make its presence felt in the grassroots. The various benefits should be used as motivating factors to lure more individuals to venture into local investments. The learning institutions from the primary systems of education to higher learning levels should be facilitated to actually empower the young generation which holds the future of the American economy. Molding them into excellent figures of business skills and technology will directly impact their entry into the world of investment through the local business domain.
The strategic plan and process discussed above is a vital tool which every entrepreneur should have before entering any business challenge. They prepare the investor psychologically, socially, economically towards facing the big challenge of venturing local business ventures. The role of the government should be streamlined and up- scaled to ensure the foundation of local business ideas is strengthened and driven towards a successful destiny in the long run. The poor but innovative group of learners and trainees in our institutions should be given the best opportunities of their life to conceptualize their ideas. They are key sources of the much-anticipated ideas of local business investments.
Preparedness is a tool which is very sensitive if anyone is to write is life success story based on the competitive field of local business. Let's take the relevant investment to prepare the future generation for the battle with unemployment through equipping them with essential business skills and techniques. Technology cannot be avoided in the world of business today including local business systems. The entrepreneur should seek the best advice on the role of technology in creating a great foundation for his or her business. The notion local business are irresponsive to technological requirements should be drained away, and sensitization process initiated to educate business people on the need for well-structured technological systems to aide in shaping the business. The good image of technology should be relentlessly used to ensure that the relevant information sharing is attained and responses accessed. The political climate should be effectively and peacefully maintained to ensure proper and undisrupted conduction of local business operations. Local business is soon transforming to game-changing investment for many members of the juvenile generation and young adults. It is time to stand strong and embark on the goodwill of local businesses and investments. All stakeholders should play their respective roles without issues
Amit and Zott. (2001). “Value creation in e-business”,. Strategic Management Journal 22, 493-520.
Consumer Reports. (2016, May). Pharmacy Buying Guide. . Retrieved from https://www.consumerreports.org/cro/pharmacies/buying-guide.htm
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Mc Daniel. (2002). Entrepreneurship and innovation: An economic approach. London: M.E Sharp publishers.
Merriman, Persky, & Davis. (2012, September). The Impact of an Urban WalMart Store on Area Businesses. . Retrieved from http://journals.sagepub.com/doi/abs/10.1177/0891242412457985
Minicozzi. (2013, August). Thinking Differently About Development. Retrieved from http://www.gfoa.org/sites/default/files/GFR_AUG_13_44.pdf
Moscarini & Postel-Vinay. (2012, 0ctober). . The Contribution of Large and Small Employers to Job Creation in Times of High and Low Unemployment. Retrieved from . Retrieved from https://campuspress.yale.edu/moscarini/files/2017/01/large_employers-wqq557.pdf
Rupasingha. (2013, August). Locally Owned: Do Local Business Ownership and Size Matter for Local Economic Well-being. Retrieved from Retrieved from https://www.frbatlanta.org
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