The power of shopping locally – Colorado Springs Business Journal

The Economic Boost of Shopping Local

Studies consistently show that money spent in a locally owned business has a higher chance of staying within the community. Typically, 70% of every dollar you spend stays in our region and circulates back into the local community, compared with only 43% for nonlocal purchases.  This difference significantly adds up over time and helps support local jobs and tax revenue and can even attract more investments. Supporting local goes a long way, and many of these businesses in Colorado Springs also invest in our diverse nonprofit community to support causes and promote a higher purpose or idea that they choose to fund and invest in. It’s a cycle that enriches everyone.

A Stronger Community Identity

Local businesses define the character of Colorado Springs. These business owners reflect the values, spirit and diversity of our community. We all love learning about a new restaurant, coffee shop or new, locally owned store that has curated unique things and adds something exclusive to our community. Unlike big-box stores or online retailers, local businesses curate their products and services to fit the needs and preferences of their neighbors. When combined with good customer service and true knowledge, plus passion about their products, you get a very rich customer experience and strong sense of community. 

When local businesses thrive, they not only invest in their business, but in the local community as well. They sponsor local events, support youth sports teams, participate in civic activities, support nonprofits by donating to them or serving on their boards, and they also send employees to volunteer and give back in other ways. Consumers benefit from quality experiences and personal relationships with business owners who care about their community, and this, in turn, often motivates the small-business owner to get involved in their community. Shopping locally often means discovering artisans, small batch producers and business owners who are passionate about bringing something unique to their community. This contributes to a unique marketplace that makes our city an attractive place to live, work and visit. 

Strengthening the Social Fabric: Building Connection and Trust

Trust has taken a hit lately, and consumers typically don’t trust a lot of the information that is out there. We must be smart consumers since there are so many ways to get scammed, especially online. However, trust has not disappeared completely; it has gone local. It’s easier to trust what we can see with our own eyes, and it’s a lot easier to make a purchase if you can touch it, hold it and maybe even try it on. In short, it’s easier to get scammed when you buy online versus talking to a local small business that may have even built, baked or created your purchase. Trust is at the core of business relationships. At BBB we believe in building a marketplace where buyers and sellers trust one another. If we don’t have trust, we don’t have a vibrant marketplace, and the community and its economy will suffer. 

As we approach the holiday season, it’s worth reflecting on how our purchasing choices can shape the community we live in. Each dollar spent locally reinforces a network of businesses that care about Colorado Springs and its people. It’s important that we support our local small businesses because they are committed to us and our shared success, growth and sustainability. 

Final Thoughts

At Better Business Bureau, our mission is to foster trust in the marketplace by helping consumers make informed choices. In a landscape filled with options, it can be challenging to know which businesses are genuinely invested in quality and integrity. This is where BBB steps in as a reliable resource, offering vetted, objective information on businesses so consumers can confidently make decisions that benefit themselves and their community. For businesses that earn the BBB Accreditation Seal, this trust mark is more than a symbol; it’s a commitment to transparency, honesty and reliability. This accreditation process includes a thorough evaluation to ensure that a business meets high standards of customer service and ethical behavior. This trust mark helps businesses stand out to consumers seeking businesses that uphold these values. 

In the end, shopping locally is more than a transaction — it’s an investment in the future of our community. By supporting local businesses, consumers and small-business owners have the power to drive positive change, foster resilience and shape a vibrant Colorado Springs!

Jonathan Liebert is the CEO and executive director of the Better Business Bureau of Southern Colorado. Liebert is also an adjunct faculty member at the UCCS College of Business, focusing on topics including, social impact, government and society and how they interact with business.