For decades, companies were looking outward, focused on becoming a global corporation. The result has been a lot of outsourcing with regards to suppliers, manufacturing, customer service, and sales. Now, the trend is emerging to start turning to local communities in order to source locally. Could this be the beginning of a return to American self-reliance?
For years, American businesses have relied too heavily on resources from other countries in order to create and distribute their products. This has taken a toll on the workforce here at home. Now, there is an upsurge, albeit a small one, in looking for local suppliers and vendors to partner with these global corporations to help support communities and workers in the United States.
One of the biggest factors that has sent big businesses looking elsewhere for their needs is cost. By using materials and workforce in other countries, they are saving themselves a lot of money. But does that really matter when fewer people back home are availing themselves of your goods and services?
While there may be higher costs for sourcing locally, the benefits far outweigh them. Not only does the community see your company in a brighter light, but they are more likely to purchase from you than a competitor because the idea of buying local holds a lot of power with today’s consumer.
More and more, we hear about restaurants and grocery stores offering locally made/grown/produced goods and people are willing (and happy) to pay a little bit more because they know where the food on their plates is coming from.
Companies that look closer to home for their workforce are the ones that also foster loyalty from their customers. Consumers are more apt to spend more on a product that they know goes towards keeping their friends and neighbors at work than one that sends its money and benefits overseas.
Growing into a global company means having the ability to choose where you want your money to go and where your resources come from, whether it’s in the form of materials for your products or employees to build and sell them. Deciding to source locally is a win-win for the corporation and the community.