(or how to turn £10 into £50!)
That got your interest didn’t it?
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The Magic Tenner campaign is all about how money flows around the local economy and highlighting just how much impact local businesses and shop have in the community.
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This part of the campaign is really important as it starts to link up supply chains between businesses that people hadn’t really thought of. The key to this is the poster that can go in the window or notice board of any hairdressers, accountants, shop or restaurant. This part of the campaign is when making your town that little bit better focuses on more than just shops.
You will need to remind people/businesses of all of the local suppliers that they take for granted e.g. The window cleaner, the sandwich shop where they get their lunch, the local magazine they use to place adverts as well as the usual people that they find on their purchase ledger. It soon adds up and will probably reach the thousands if you collected up all the businesses together.
This spiders web of supply chains is what makes the biggest difference to the local economy.
There is a bit of maths that says if you spend £10 in a shop that sells stuff from local producers, the amount of money that goes back into the local economy is worth £50 more than if it was spent through a supermarket or online. (Calculated by New Economics Foundation).
If you imagine that when you buy a sandwich from your local independent eatery, the majority of your money is spent on employing local staff, who in turn use local independent businesses, business tax, the local baker, butcher, convenience shop, flower shop, white goods provider, a local accountant or even a decorator. In turn the butcher who buys the meat from a local farm spends a big percentage of his money with the farmer. The farmer then spends some of his money at his local garage, the garage owner etc. etc…..
With each step, in a case like this, around 80% of each spent often goes into the local economy. So in effect the money that stays within West Bridgford gets more & more.
Local independent businesses are far more likely to use other local firms than any of the big national giants would – it’s what makes them tick and they know the true value of the keeping it “Totally Locally”. It’s also a lot easier! The more everyone spends within our area the stronger our economy grows, which means more jobs, better facilities, vibrant town centres and a nicer place for us all to live.
This can be applied to everything from an independently owned B&B, hotel, music shops to food producers.
If you compare this with buying online (from companies outside the area) – where none of the money comes back into the local economy – it seems to make sense really.
Add to this a smaller impact on the environment due to less transportation and you have good reasons for keeping your purchasing Totally Locally.
It’s not about protectionism, it’s about small decisions that have a big impact on where we live.
Only by following the money trail do you get a true sense of the knockon effects of buying Totally Locally . It takes you in all kinds of directions, ping-ponging from groceries and clothing, to tradesmen and accountants, each time adding to our economy. The trail is staggering.
So when you go for your next purchase, be it eggs, a sandwich, a fridge, sofa or new pair of shoes, consider the true effect of how you buy.