Let"s All Take the 10% Challenge
With the economic downturn on everybody's mind lately, many people are wondering what can be done to help "save" the economy.
First off the economy is fine.
The reason why things like the retail, tourism, service, and hospitality sectors are suffering is a lack of consumer confidence.
Where did the confidence go? Why are so many small businesses suffering? Consumer confidence is down because people aren't spending like they were before.
People are scared that there going to lose their job because the establishment they work at is seeing a drop in sales, decrease in orders, or just a budget cut that has to be met.
People become more conscious of their spending.
Most people, my self included, opt to shop at the discount and big box stores (let's keep them nameless).
We are therefore spending less at other business in their community.
Which intern causes the people at those businesses to fear for their jobs, and thus, the vicious cycle spins a false web of fear and confusion.
I tend to ignore the fear and confusion surrounding the economic news.
This brings me to the more important question.
What can us as individuals do to fix the economy? Supposedly it all started down at Wall Street, Bay Street, and even.
Well I don't, and nor do I think you have the ability to fix the Wall Streets all over the world.
Instead we can start join the initiative that many other cities across the continent have started, it's called the 10% challenge.
Simply put we should try to spend 10% of our income in the local economy.
Places like the locally owned coffee shops, or the family run restaurant down the street come to mind.
Or in some neighborhoods, like my own, there are local produce/grocery store that sells damaged boxes or discontinued items for a very low price.
There are numerous deals in these places.
I myself have found many things in these places to be cheaper than the so called "big box discount stores".
How does this help the economy? Well numerous studies have shown that out of every $1.
00 spent in the local economy $0.
65 gets put directly back into the local economy.
While spending the same $1.
00 at a large corporate chain may only put back as little as $0.
15 into the local economy.
Most large chains have administrative offices, and suppliers in other cities or other countries for that matter.
While a local establishment, with a few exceptions, will hire local employees.
A small local business is also more likely to purchase supplies locally; for they can't afford to bring in large amounts of products from remote places.
Some small business have had tostart outsourcing parts of their work to other large companies, simply because they can't compete with the low overhead of the big boys.
In turn we lose even more jobs that would normally have been done locally.
The economy and money are important, but there are things of much higher consequence.
What about a sense of community.
Have you ever walked in to place and the owner recognized you asked, "Where's your wife/husband?" or how, "how are your kids doing?" I always feel delighted when I leave a positive place like that.
We also can't forget about convenience or the environment.
Sure it's very convenient to get everything at one giant store, and one trip can be environmentally friendly.
What happens when you need a loaf a bread, or a liter of milk are we going to get in our cars and drive for fifteen minutes to a large store for one thing? Or will we still be able to walk down to the little corner store, that may soon be gone from all our neighborhoods.
The 10% challenge is not a rule written in stone.
Some of us may have no little corner store in our neighborhood.
Try a local dinner instead of a franchise.
Some of the greatest meals I have ever had were at a little cafe or a small diner.
We may not be able to tell what is local and not, but we can at least make the effort.
When presented with an option of big box or small time we can choose something that will be cheaper in the long run.
When the only place left to shop is big box stores, where will all the people who already work in the retail industry find employment? I prefer the alternative walking across the street, on my lunch break, to the cute little lounge.
I'll say hi to Eddie (the owner), he always has an interesting story about growing up in Hong Kong.
Possibly having a fresh made sandwich with home made soup or maybe a salad with veggies from local gardens.
After that maybe a short stroll over to the coffee shop were all the staff knows I prefer soy milk.
I'll follow that up by a brief enlightening conversation with any of the staff.
Then back to the street my officeis on.
Just one quick stop at the local wine merchant and grabbing an fine Okanogan wine to go with supper.
After all the excitement I'm always happy to come back to work and finish my day working for a local, family run, company.
I don't do this every day, but the days I do, I sure feel invigorated.
That's a positive thing right?
First off the economy is fine.
The reason why things like the retail, tourism, service, and hospitality sectors are suffering is a lack of consumer confidence.
Where did the confidence go? Why are so many small businesses suffering? Consumer confidence is down because people aren't spending like they were before.
People are scared that there going to lose their job because the establishment they work at is seeing a drop in sales, decrease in orders, or just a budget cut that has to be met.
People become more conscious of their spending.
Most people, my self included, opt to shop at the discount and big box stores (let's keep them nameless).
We are therefore spending less at other business in their community.
Which intern causes the people at those businesses to fear for their jobs, and thus, the vicious cycle spins a false web of fear and confusion.
I tend to ignore the fear and confusion surrounding the economic news.
This brings me to the more important question.
What can us as individuals do to fix the economy? Supposedly it all started down at Wall Street, Bay Street, and even.
Well I don't, and nor do I think you have the ability to fix the Wall Streets all over the world.
Instead we can start join the initiative that many other cities across the continent have started, it's called the 10% challenge.
Simply put we should try to spend 10% of our income in the local economy.
Places like the locally owned coffee shops, or the family run restaurant down the street come to mind.
Or in some neighborhoods, like my own, there are local produce/grocery store that sells damaged boxes or discontinued items for a very low price.
There are numerous deals in these places.
I myself have found many things in these places to be cheaper than the so called "big box discount stores".
How does this help the economy? Well numerous studies have shown that out of every $1.
00 spent in the local economy $0.
65 gets put directly back into the local economy.
While spending the same $1.
00 at a large corporate chain may only put back as little as $0.
15 into the local economy.
Most large chains have administrative offices, and suppliers in other cities or other countries for that matter.
While a local establishment, with a few exceptions, will hire local employees.
A small local business is also more likely to purchase supplies locally; for they can't afford to bring in large amounts of products from remote places.
Some small business have had tostart outsourcing parts of their work to other large companies, simply because they can't compete with the low overhead of the big boys.
In turn we lose even more jobs that would normally have been done locally.
The economy and money are important, but there are things of much higher consequence.
What about a sense of community.
Have you ever walked in to place and the owner recognized you asked, "Where's your wife/husband?" or how, "how are your kids doing?" I always feel delighted when I leave a positive place like that.
We also can't forget about convenience or the environment.
Sure it's very convenient to get everything at one giant store, and one trip can be environmentally friendly.
What happens when you need a loaf a bread, or a liter of milk are we going to get in our cars and drive for fifteen minutes to a large store for one thing? Or will we still be able to walk down to the little corner store, that may soon be gone from all our neighborhoods.
The 10% challenge is not a rule written in stone.
Some of us may have no little corner store in our neighborhood.
Try a local dinner instead of a franchise.
Some of the greatest meals I have ever had were at a little cafe or a small diner.
We may not be able to tell what is local and not, but we can at least make the effort.
When presented with an option of big box or small time we can choose something that will be cheaper in the long run.
When the only place left to shop is big box stores, where will all the people who already work in the retail industry find employment? I prefer the alternative walking across the street, on my lunch break, to the cute little lounge.
I'll say hi to Eddie (the owner), he always has an interesting story about growing up in Hong Kong.
Possibly having a fresh made sandwich with home made soup or maybe a salad with veggies from local gardens.
After that maybe a short stroll over to the coffee shop were all the staff knows I prefer soy milk.
I'll follow that up by a brief enlightening conversation with any of the staff.
Then back to the street my officeis on.
Just one quick stop at the local wine merchant and grabbing an fine Okanogan wine to go with supper.
After all the excitement I'm always happy to come back to work and finish my day working for a local, family run, company.
I don't do this every day, but the days I do, I sure feel invigorated.
That's a positive thing right?
Source...