If, you run and own a business that uses high precision industrial-grade tools and equipment; it’s likely that you already have relationships with equipment and parts suppliers. It’s also likely that these parts suppliers are internationally owned businesses that have little to no interest in your local area, apart from keeping you in their accounting books. Large scale suppliers like this usually have their main offices located in another country and aim to scrape the bottom of the industrial supplies market by getting the cheapest imports possible and selling them to you at a profit.
Investing in Your Local Market
Despite the obvious economic advantages of using an international parts supply chain, there are some compelling reasons for developing a solid working relationship with a privately owned company in this area. For instance, if you’re a local small business, and you’re looking for a supplier that can sell you a precision pulley in Louisiana, your first port of call should be a locally run and privately owned independent company with no ties to transnational stakeholders. If you’re still unconvinced of the benefits, consider the following.
The world is fast moving towards the sort of globalization that homogenizes business practices and erases all trace of unique locally run businesses. Industrial suppliers that fiercely maintain their independence are well positioned to reap economic benefits as local customers come to recognize them as unique and knowledgeable.
A successful private business that maintains local relationships also contributes to the well-being of the area and the community as a whole. This perfect circle, formed when customers support local businesses financially, leads to urban centers that are energized and vibrant.
When a company is owned and run locally, all of the decisions made have a local impact. This leads to a closer and more meaningful relationship with the business, customers and the local community. A successful local business also means local employment opportunities, not only for the business in question but also for other businesses in the community that benefit directly from increased spending.
A local business will also understand local needs. This means, for example, that a business supplying precision pulley systems and power transmissions for industrial applications develops local rapport and has direct local knowledge of the market.
Supporting Local Business the Right Way
In today’s fast-moving world, small companies that maintain independence are becoming increasingly rarer, but this scarcity also shapes the way these companies do business. Typically, a business of this nature maintains unique customer and client relationships and operates on a 24/7 basis. For industrial parts businesses, like our precision pulley supplier, this translates to more loyal clients and an operating philosophy that places the customer at the center of all decision making.
