“Revitalise Local Business” by Steve Marsten

We recently attended a seminar for buying a Business here in Gladstone. Many people were concerned that buying a business in this recessionary climate might not be a good idea. However as we have pointed out, when the economy is down the “business market” is down and at its best buying price. It’s exactly the same as the stock market – and we all want to buy a good share when the market is down. Bargains are now available for those who have some cash to invest and have the energy to re-energise a local business.

On thinking about investing what many don’t seem to realise is Gladstone has the capacity to rebuild its own economic strength. It means though that the locals need to invest in the community. I hear all about the buy local campaign, however many people still take their shopping dollars out of town.

We believe Gladstone has the critical mass of population and needs a sustained commitment from everyone including business to business sales, to revive itself.

There are plenty of studies that have shown by buying off an independent local-owned business rather then a nationally-owned business, it keeps significantly more money here in the city. If everyone did this - that is purchased off local business owners, it allows these owners to employ more and hence the money stays in the city longer – usually for 4-5 times longer. So when you think about it - if I spend $1 at my locally owned convenience store and they pay wages and the business owners and their employees spend that money locally, then suddenly $1 is worth closer to $5 within the community.

 Another point to remember is that when the local business community is doing well then Non-profit organisations also tend to do well. It’s been shown that local small business tends to support 250% more than nationally owned business franchises to their local non for profit community.

Our Community of Gladstone could be quite unique if everyone thought twice about how they are currently spending their money. The next sale that we want to carry out online or in Rockhampton or in Brisbane – consider asking a local if they can at least meet the price or can they get the product or service in. Encourage local prosperity! Let’s stop talking about it and actually act on it.

At Sothertons - we source from local suppliers first and we encourage our clients to do the same. Call us on 4972 1300 and speak to our experienced Business Advisors.