Accountingprose, as you know, is based in Central Phoenix. We can often be found co-working at Co+Hoots or sipping coffee at our favorite coffee shop. We value the diversity that this city provides and take every opportunity to invest in our city by buying locally. However, at first we didn’t realize the implications of buying locally and thankfully Local First Arizona was around to make the case.
According to Local First Arizona, studies have shown that for every $100 spent in a locally owned business, roughly $42 remains right here in Arizona, while for the same $100 spent in a national chain store, only $13 remains here. What does this mean for residents of Phoenix?
Each person who shifts 10% of their spending to local business generates:
- $88.07 in new local wages
- $226.86 in new locally recirculating dollars
- .0027 new jobs (or 375 people shifting creates 1 job)
- For every dollar shifted to a local business, 30% more stays in the local economy
Here is a video that highlights what a 10% shift in spending can do for your local economy.
After realizing the benefit of spending locally, we put our money where our mouth is. We are proud members of Local First Arizona and have pledged to shift 10% of both our personal and business spending to local businesses. Before we spend money we ask ourselves, “Can we source this locally?”. This question has prompted us to switch to a local credit union and buy everyday items from local vendors. The shift to purchasing locally has not been difficult or painful; it hasn’t even cost us a lot of money. In fact, we have seen savings from working with local vendors who actually take the time to make sure we have what we need and nothing extra. We value the expertise of local business owners and know that they provide a level of service no box store could ever provide.
We are proud to be a member of an organization that prides itself in creating a sustainable economic model and empowering people to provide for their families. When times get tough, we often look for the cheapest solution. What we don’t realize is that these “solutions” contribute to our demise.
So, I humbly invite you to participate in Independents Week (July 1-7), produced by Local First Arizona. Join the thousands of consumers and hundreds of businesses who participate in this statewide celebration of the local and independent businesses that are the backbone of the Arizona economy. You are free to use the Golden Coupon (below) to get 20% off of products and services offered by Local First Members.
We are also increasing our discount to new Accountingprose clients to 20% for the month of July. Mention this blog post or tell us you love Local First Arizona and we will be sure to apply this discount to your first invoice.
Thank you for supporting your local economy.