How can we prevent the cornerstone of our communities from crumbling?
Mom-and-pop shops have always been the cornerstone of our economic communities, especially the smaller ones. These entities consist of smaller, commonly family-owned-and-operated businesses focusing on a more personalized approach to customer service, interacting with them and customizing their merchandise or service to fit the community’s needs.
Mom-and-pop shops are fixtures in their local regions in the following ways:
- Charitable businesses give back to the local community with not only money but their time and enthusiasm.
- Jobs are created for local residents.
- Money stays local and helps stimulate the neighborhood economy.
- They tend to provide more interactive and personalized customer service.
- They often focus on delivering higher-quality products and services instead of offering cheaper versions.
With the proliferation of large chain stores and eateries, mom-and-pop shops are at a disadvantage, trying to compete against large companies that can charge less for products. Here are six tips for helping to support those businesses that have been pillars of our economic communities for generations:
1. Word of mouth
A great way to market a business is to tell your friends and family what products and services it offers and why you like it. Explain to them the business owner's values and the importance of supporting small businesses in the community and see if they will consider visiting the business for their own needs. Who knows, they may also become regulars.
2. Write a fun and detailed review
People generally comparison shop when they are looking for goods or services. In doing so, they often utilize the benefits of reading reviews. People tend to be straightforward when leaving a genuine review because they purchase a product or service with their hard-earned money and expect a certain standard. Having strong reviews can help an organization drive new business.
3. Shop at your local small business
Not only do smaller businesses take pride in higher quality products than larger chain stores, but you might also be surprised to learn that they have lower prices.
4. Volunteer
Part of why small businesses struggle against their larger competitors is because it is financially more difficult, especially paying enough for high-quality labor. If you volunteer your free time, you can help the small business you love and support thrive, and the business owners would be very grateful.
5. Invest in the business or donate
For a small mom-and-pop shop, "cash is king." Without sufficient funds, small businesses can't pay for bills, labor, and other costs of doing business. Look into investing in the local mom-and-pop shop you support; if that is not an option, consider a donation if you can afford it.
6. Buy gifts or gift cards from the store
Every time we turn around, we find ourselves purchasing a gift for some holiday or occasion. This is the perfect opportunity to support your favorite small business by purchasing gifts from them or buying a gift card so the recipient can shop at the store.
If you own a mom-and-pop shop, consider consulting a financial professional to help you create attainable goals, manage your risk, design strategies to compete with larger operations, and stay afloat despite times of uncertain market fluctuations. Taking active steps to be prepared, having a third party help you recognize potential errors before they happen, and avoiding obstacles you may have not yet noticed, is essential for long-term growth and wealth preservation as a small business owner. As small business owners and customers, let’s work to ensure the cornerstones of our communities aren’t crumbling. Shop local at your nearest mom-and-pop shop.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Investing involves risks including possible loss of principal.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
Sources:
Four Simple Ways Your Business Can Support Its Local Community (forbes.com)
What Are Mom and Pop Shops? | 7 Ways To Support Them (thehartford.com)
This article was prepared by LPL Marketing Solutions
LPL Tracking # 519301
