The Benefits of Buying Local…
The Natural Healing Center (NHC), which is one of the only locally owned and operated cannabis businesses in San Luis Obispo County, returns more than three times as much money per dollar of sales to our community than our out of state, and out of area competitors. This is significant.
According to numerous independent studies conducted in a variety of areas throughout the country on the benefits of buying local, which considered the direct, indirect, and induced economic impacts, in every instance, buying local provided an economic big-bang for the local communities and local economy.
But what does all of this really mean? First, let’s define some basic terms used when discussing this issue.
A direct impact occurs when companies spend money operating the business. This includes, but isn’t limited to, inventory, utilities, equipment, insurance, and of course, payroll.
An indirect impact occurs when the money a business spends with other local businesses re-circulates those dollars. Meaning those businesses turn around and spend their money on inventory, utilities, equipment, payroll, etc.
An induced impact refers to the additional consumer spending that happens as employees, business owners and others spend their income in the local economy.
Depending on the study, what becomes clear is that the average percentage of dollars that are recirculated back into the local economy by locally owned and operated businesses is about 48% compared to less than 14% by an out-of-state company or chain store.
In other words, buying local creates local jobs and increases the wealth of a community.
It isn’t the business practice of the Natural Healing Center to denigrate our competition. We don’t do that, and we never will. However, we do believe it is fair to point out that we are one of the only locally owned and operated retail cannabis businesses on the Central Coast. And that means when our customers do business with us, as much as 68% of the income we receive stays in the community where we operate.
And it isn’t just the money we spend on our regular day-to-day operations; NHC is also committed to our community partners, particularly those nonprofits that are delivering essential services to our local community.
One of NHC’s central values and highest priorities involves being a responsible corporate citizen. And this means supporting our local nonprofit community in a variety of ways, including financially. Whether it be helping preserve open space, funding counselors for sexual assault victims, assisting homelessness programs, or sponsoring youth prevention programs, we are proud of our commitment to giving back and supporting the community that we call home.
Conversely, when out-of-state or out-of-area retailers give back, it is usually to recipients in the community in which they are domiciled.
NHC is fully committed to building a thriving business right here in San Luis Obispo County that creates jobs that pay a living wage while generating millions in local taxes that help to fund our local public schools, local police, local fire agencies, county and city parks, and our streets, highways, and roads. It is our commitment as a company that as NHC succeeds, so do our employees, and so will San Luis Obispo County.
So while we certainly agree with the popular sentiment of thinking globally, we especially believe in the social and economic imperative of buying locally.