Karen Murcheson
VANCOUVER ISLAND – As we celebrate Small Business Month, it’s the perfect time to reflect on the crucial role small businesses play in our communities. Did you know that nearly one in ten British Columbians are small business entrepreneurs? They truly are the backbone of our economy. That’s why supporting local businesses is more important than ever.
When we choose to buy local, we help sustain our economy and create jobs right here at home. Here are some ways we can support each other:
- Promote local businesses: Spreading the word about local businesses keeps money circulating within the community and supports local jobs.
- Source products and services from Canadian suppliers: Buying within Canada doesn’t just support local jobs. It also reduces our carbon footprint as transportation routes may be shorter.
- Make meaningful connections: Shopping local helps you get to know your fellow hardworking business owners. Building these connections fosters trust and loyalty, which are essential for long-term business success.
- Participate in local events: Getting involved in local events helps build a sense of community and resiliency by bringing people together. Communities with strong social bonds are better able to handle tough times.
- Support non-profit organizations: By helping local organizations ensure that everyone has access to essential services and resources, we actively contribute to the well-being of the places we call home.
As we all know, the world continues to serve up challenges. Here are two more tips to help you focus on the financial health of your business:
- Understand and keep a close eye on your unique cash flow: Knowing what and how quickly funds are coming in, and equally importantly, how much needs to go out and when, will help you recognize how your cash flow could be impacted by future events.
- Embrace the future: The digital world is here to stay, so leverage secure digital tools and technologies to streamline your operations, reach new customers, and safely enhance your online presence.
Supporting your business and your community isn’t an either/or proposition. By working with a financial expert who understands both, you can help each one flourish. Don’t hesitate to call me at 250.731.3517 to find out what Coastal Community can offer.
Based in Port Alberni, Karen Murcheson is a Branch Manager for Coastal Community Credit Union.
