At Duncan Williams Asset Management, we are proud to be one of the very few truly 100% locally owned investment advisory firms in the Mid-South, but we never expect our clients to hire us merely because of some “home team discount.”  We are confident that we can compete with firms of any size (and win!) in the investment services industry on the quality of the advice and service that we offer.  That said, there are several reasons that as responsible citizens of our community we all should be looking to do business locally where we can.  For starters, local businesses are linked to higher incomes and less inequality in their respective communities.  A recent study by an economist at the Federal Reserve Bank of Atlanta found counties with a higher percentage of local businesses had stronger per capita income growth, faster employment growth, and lower poverty rates than other counties.  Additionally, the entrepreneurship associated with local business is shown to drive job creation.  And, when local companies are profitable, they tend to recycle that money back into the local community through doing business with other local companies and by supporting local nonprofits.  When companies headquartered outside of the area generate extra revenue locally, by contrast, it tends to leave the area.  Finally, the interwoven social fabric of a community is bound closely to the health of its independent, local businesses. Studies have shown that communities with a higher percentage of local businesses have more social capital, stronger social ties, higher levels of civic engagement, and better success solving problems.  Both the tangible and intangible benefits of doing business locally ripple throughout the area and have a huge positive impact on larger community.

Author: David Scully

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