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5 Ways Businesses Can Help Communities Prosper

Tue, Sep. 12, 2017 Posted: 07:23 AM

Recent changes in the way businesses interact with their customers have facilitated a new dynamic that encourages engagement, and close cooperation with the business sector. The impersonal nature of big business has largely been done away with, in favour of closer cooperation between the corporate sector and the private sector. Nowadays, partnerships are being built on a local, regional, and state level. These local businesses offer many benefits that big business simply cannot compete with, by providing the personal touch that is so lacking in large multinational corporations.

Businesses can assist communities in a myriad of ways. Our listing includes 5 of the most effective ways that business and community can enjoy a harmonious, symbiotic relationship:

1. Whether you are self-employed, or working for a company, you will appreciate the value of a health care plan for you and your family. The business sector is best positioned to offer these services to families, and individuals. President Barack Obama pushed through Obamacare as an affordable way (at the time) for Americans to be insured against medical illness, existing conditions, and medical emergency. Employers are mandated by law to provide healthcare benefits to full-time employees, and this is extremely beneficial to the well-being of communities. While the costs are frowned upon, and coverage is somewhat limited, this is still the lesser of two evils that exists in society. Until the Trump administration conjures up a plan with wide-ranging support, Obamacare is the law of the land.

2. Businesses have a big part to play in the development of the local community. This is true across the board. When you invest in a local business, the bulk of that investment (through patronage) remains in the community. When you invest in multinational corporations by buying products and services from them, that money gets disbursed all over the world. That’s why it is extremely important to support local mom-and-pop stores, local insurance companies, banks, retailers, wholesalers and home-grown enterprise. They provide for the needs of the community because they understand the needs of the community. Local businesses also employ local people, which has a domino effect across the board.

3. Local enterprise has the added advantage of understanding its clientele. Big business typically adopts a blanket approach to marketing, advertising and customer service. Local businesses understand that their market is unique, and they do everything to tailor their products and services to local conditions. Every town and city across the US has a particular preference for foods, products and the like. Local events shape buying patterns and interests. Community preservation and community leadership is fostered through local enterprise through sponsorships, grassroots level initiatives and the like.

4. Business people are in a unique position in that they are skilled at providing management experience, expertise, leadership, and understanding market dynamics. This information can be shared with eager learners in the community. Many underlings look to local leaders for their knowledge. When life-threatening events are taking place, such as hurricanes, tornadoes, or other natural disasters, business leaders often rise to the fore and provide the necessary expertise and calm to restore sanity to a situation. They also provide grants, scholarships, bursaries and other incentives to promote local community development.

5. Businesses also have an important part to play in the financial development of a community. The more customers support local business enterprise, the bigger the tax base grows over time. This money is used for local initiatives, development programs, and community investment. Local businesses are part of a much broader supply chain in the community – they buy and sell. The profits that are generated can be ploughed back into the local community, to help employ more people and support suppliers, retailers, distributors and local development.

Mark John