Keep it local

Numerous business in the Platte Valley are participating in Small Business Saturday, which takes place on Nov. 28. American Express began the Small Business Saturday initiative for the Saturday after Thanksgiving in 2010. Last year, it was estimated that $14.3 billion was spent at small, independent businesses.

According to the American Independent Business Alliance (AMIBA), the benefit of shopping small is based off a concept called the local economic multiplier effect. This is built of three elements—direct impact, which is the spending done by a business in the local economy to operate the business, indirect impact, which happens as dollars the local business spent at other area businesses re-circulate and induced impact, which refers to the additional consumer spending that happens as employees, business owners and others spend their income in the local economy.

Studies on the effect of a dollar spent locally have been mirrored by several research firms, with one study conducted by the Institute for Local Self-Reliance concluding that 48 percent of each purchase at local independent businesses was recirculated locally, compared to less than 14 percent of purchases at chain stores.

According to Stacy Crimmins, Saratoga/Platte Valley Chamber of Commerce (SPVCC) Chief Executive Officer, the perceived money saved by shopping at a big box store may not actually be that much, especially for Valley residents that have significant costs of transportation to get to large retailers nearby.

“All year long, the community relies on businesses for many things. When we need a lightbulb, we don’t have to drive out of town to do it,” Crimmins said. “Shopping small is a way to support those businesses that are here all year round.”

According to Crimmins, all of Saratoga’s local businesses spend a lot giving back to the community, “in donations to fundraisers and silent auctions, cash donations to school groups for new uniforms and things. It is mind boggling how much they put back in to the community.”

Chairman of the SPVCC Board of Directors Mitch Bangert echoed the same sentiments, adding that the holidays are not the only time to shop locally. “Anytime shop locally. These are our friends and neighbors … it’s just the right thing to do.”

Bangert pointed to seasonality in Saratoga as a reason to shop at local businesses for the holidays, as traffic slows down during the winter months, and for the businesses that are open during the winter, “it’s more expensive this time of year, just from heat and lights.”

Bangert suggests going early to talk to shop owners about sales and specials that occur during the holiday season, as well as to see if they can order any items that you may be looking for.

Forbes Magazine suggested that shopping small was not the only way to support the local economy as well, adding that money saved through deals online and at retailers can be returned to the local economy through services, such as having dinner out at a local restaurant.

Encampment will have a Small Business Saturday Dec. 12 as they wanted to host it closer to Christmas.