This Local Business Week, research has revealed that 66% of people feel that local businesses add value to their community, with over half (51%) claiming they enjoy having the option of shopping with a local businesses rather than well known high street name.
Small and medium-sized companies account for 99.9 percent of the UK’s businesses and a combined annual turnover of over £3billion. They are a crucial part of the country’s economy and their success and survival depends on everyone – this was shown with the survey as 54% felt it is important to utilise local businesses, whether that be using a local trade company or buying produce from a local butcher.
The research of 250 small business owners, conducted in light of Local Business Week, found that despite some perceptions of big names ruling UK towns and cities, small business is in fact big business.
Local Business Week has now been running for over a decade, and 2016 is set to be one of the biggest years. With the recent business rate boost in this year’s budget announcement, support is now more relevant than ever in the UK.
The research discovered that 66% of us feel that local businesses are able to compete with bigger and established household names. A further 92% think they can provide value for your money, banishing misconceptions that shopping locally can often put a strain on your purse strings.
Organiser of Local Business Week, Adam Cox said: “In Local Business Week’s eleventh year, it is more important than ever to ensure that people are doing what they can to support local businesses.
“This evident shift in peoples perceptions is really important – as it really is better for the community to shop locally, as previous research by FSB has show – for every £1 spent with a small or medium-sized business, 63p was re-spent in the local area compared to 40p with a larger business. In an age of internet shopping obsession, this week shines a light on the local businesses that bring immense value to the UK. “
Although the research shows a great improvement in people’s perceptions, there are still things to be done when it comes to people shopping more locally. Five in ten (55%) would still prefer to buy produce from a high street store and on 38% said that they regularly services provided by local businesses in their area. However as peoples thoughts begin to change, local businesses will continue to be kept afloat.