Small-business owners are better suited to offerlocal business support than larger corporations, as they have better access to knowledge about the products and services they sell. Local business owners also tend to have a more personal touch, as they have worked with their customers for years and know them like the back of their hand. Local businesses often experience shortages in workers, but they can make up lost hours or slow business by giving tips. In turn, local businesses will benefit from the additional foot traffic from tips. Place-based and asset-based A strong critique of place-based and asset-based approaches acknowledges their potential and limits, while also acknowledging their limitations. A strong contextual case can be made for asset-based activities that benefit specific populations, such as senior citizens. As an example, MacLeod and Emejulu (2014) note that, in the UK, asset-based advocates are more concerned with social justice than promoting economic prosperity. Asset-based approaches may take many forms, and are most suitable for areas with different needs and characteristics. These models can be flexible, tailored to local needs, and are most successful when they are matched to local assets. These models can be applied in a variety of ways, from small to large-scale businesses, and are based on the experience and expertise of local government leaders. While they are not easy bedfellows, they are likely to contribute to the debates at the local, national, and international levels. Culturally-competent When choosing a culturally-competent local business support provider, it is important to consider the characteristics of the company. Culturally competent businesses understand and value the differences in their cultures, and are able to integrate that knowledge into the service they provide. They develop an understanding of the values, beliefs, and norms of their clients and partners. They are also able to communicate effectively with people from a variety of cultures. The process of cultural competence development should begin at the top level of the organization. Cultural competency is an essential characteristic of any service organization, and it must be nurtured and supported from the very beginning. The goal of cultural competence is to provide local business support services that help local companies grow and prosper. The key is to understand how diverse local business communities relate to one another and work together to provide culturally-competent services and products. Providing service to a diverse clientele will enhance your company's ability to attract and retain talent from all backgrounds. Culturally-competent companies are more likely to have satisfied customers and employees. Additionally, they will be able to hire talented individuals from around the world. These businesses can also attract international investors and tap into the global marketplace. There are many benefits to culturally-competent local business support that will benefit the bottom line of your business. Developing an organization's Cultural Competence can be a difficult task, but with the right resources, you can build a better customer experience. Culturally-competent training is available from commercial organizations and community organizations that specialize in this field. You can also look for off-the-shelf courses that are tailored to your organization's needs. Before making a decision, however, make sure to compare prices and offerings from multiple companies. Resource-based The term resource has many meanings in common usage, but it is used in different ways in business. It can refer to tangible goods, cash, vehicles, or the home. While any of these resources can be valuable, they are not strategic resources, as they are easily acquired by competitors. Using this terminology in business can help you understand the differences between common and strategic resources and how they relate to your business. Here are some resources to consider. In general, the resource-based view focuses on the whole being more valuable than its parts. It can be difficult to duplicate an overall strategic resource. For example, WestJet's culture compliments its unique passenger boarding system, which allows passengers to board through both the front and rear doors to reduce turnaround times. This unique business model makes it possible to provide a service that is unique and not replicated elsewhere. In addition to being a unique firm, WestJet is an example of a resource-based approach to business support. Community development Anchor institutions can support community development by strengthening nonprofits, creating revolving loan funds and operating business incubator facilities. They can also conduct workshops and training for local businesspeople and entrepreneurs. The following are some examples of how local institutions can support community development. They may be able to foster business development, attract talent, and improve the quality of life of residents. These institutions can also help local businesses increase their capacity and revenue. This is a win-win for the community and can lead to increased tax revenues and debt reduction. In the early 1990s, CDCs were viewed as minor players, but today, nearly every major bank is active in community development in at least one city. CDCs are important components of public strategies to fight poverty. In fact, in 2005, nearly every major bank in the U.S. was involved in community development in some capacity. The National Congress for Community Economic Development estimates that there are approximately 2,200 community development corporations (CDCs) in the country. Throughout the COVID-19 recovery efforts, federal interventions have focused on short-term funding to businesses. The federal investment in COVID-19 should be focused on long-term recovery. It should leverage the expertise of national nonprofit partners who have extensive experience building the capacity of local BDOs. They should also focus on ensuring that MWBEs receive targeted assistance and are supported by local community groups and elected officials. By partnering with national organizations, the federal government can support the success of these BDOs. A small business contributes to the culture of a community. It actively creates wealth and jobs in a community. Local business owners should be involved in decision-making processes and be represented at community meetings. Likewise, local governments should be willing to engage them in decision-making processes. If they are willing to do so, this support will make it easier for local businesses to survive and grow. You will also help them develop a strong sense of community identity. Economic impact Recent studies have shown that local businesses generate more tax revenue than big-box chains, and that this additional revenue can be used for the community's benefit. However, when people shop online, they do not contribute to the local economy in this way. Large warehouses and shopping malls drain the community's resources. Also, the development of large corporations can stretch city budgets. But, the economic benefits of local business support go beyond the obvious. In addition to supporting independent businesses, local government benefits. Small, locally owned businesses tend to spend more money on local labor. And they often purchase goods and services from local suppliers. This support for local businesses can help a town weather a tough economic downturn. By supporting small businesses, local governments are also providing more job opportunities. It is also a good way to increase community pride and morale. The research and data from these studies are crucial to improving policies and organizing communities. Small businesses create jobs, boost the local economy and promote environmentally-friendly practices. Small businesses are also a valuable resource for local government, increasing the tax base and boosting the quality of life for the entire community. In addition, small businesses often respond to local needs and provide high-quality products and services. By providing jobs and services, small businesses make the community a better place to live and work. That's why local businesses are so important.