Concord, MA is a vibrant town located in Boston, Massachusetts, and is historically known for its critical role in the American Revolutionary War. The town has a thriving business environment that small business, independently owned shops, community facilities, retail businesses, and a thriving artisan community. Concord has many organic and traditional farms as a result of its historic roots in farming and this contributes to its business environment.
In addition, the West Concord village is home to the majority of the town’s local business that include; wine and liquor shops, bakeries, dry cleaners, grocery stores, pharmacies, clothing stores, travel agencies, tailoring shops, restaurants, community banks, jewellery stores, salons, and barbershops. The town has too much to offer and these local businesses form the community’s backbone.
The town’s economic prosperity and growth generally depends on the success of its local businesses. Concord has so any small businesses that have the potential to generate wealth in the community and at the same time create jobs for local people. It is important for the community’s leadership to offer the much-needed support to local entrepreneurs as this is the only way to reduce unemployment and keep the economy growing.
Almost two-thirds of new jobs in Concord are generated by small businesses and that is why there is a need for the state, federal, and local governments to support the entrepreneurship initiatives by improving accessibility to capital. In order for the town to survive any economic climate, the town should focus on how to keep unemployment under control and that is why smaller companies should be allowed to thrive as they are major assets when it comes to addressing the issue of unemployment.
In addition, both global and national economies benefit from the local businesses in Concord as the small business make a significant contribution to America’s gross domestic product. Also, innovative products from Concord’s thriving artisan industry are exported to other parts of the world hence having a significant impact on both the national and global economy. The fact that products by the town’s artisans are in the global market presents customers with options hence contributing to reasonable prices.
Moreover, approximately 70% of the money spent at a local business in Concord is channeled back to the community and in the process enhancing its economy. When compared to major retailers, small businesses have had a major impact on the town’s recent economic growth as they are more likely to do business with each other and retain most of the money in Concord.
Concord has one of the most serene environments in Massachusetts and this is largely attributed to small businesses that require less transportation and get supplies locally. In addition, there is no need for clear-cutting or construction as most of the local businesses buy or lease existing premises or spaces.
In conclusion, local businesses remain the backbone of the Concord community as they are a major source of employment and contribute to the town’s overall economic growth and sustainability. However, local entrepreneurs’ more support from the local and national governments especially when it comes to accessing loans or capital.