According to the U.S. Census Bureau, we have close to 19,000 local businesses in our Memphis community. These companies make up a significant portion of the local economy. The home-grown businesses in Memphis not only provide our community with a service or product, but they also contribute to the economy in several other meaningful ways: triggering employment and aiding community pride and development.
When local businesses are utilized, they are likely to help the local economy grow in two ways. First, when the business is taxed, the money stays local and is invested into the needs of the community. Secondly, local businesses tend to support other local businesses when purchasing supplies, services, or event needs. This creates a snow-balling cycle of local small business profits that get continuously reinvested into the local community and can help the Memphis economy thrive. When local companies are engaged by the community (in contrast with companies that are owned by people/entities in other areas) more of the money is recycled into the local economy as opposed to exiting, never-to-be-seen-again to the locale of the parent.
At Duncan Williams Asset Management we are a proud locally owned business that loves to support other local businesses, local nonprofits, and the local community with our business, with our dollars, and our time. The local business community is one that we are proud to be a part of and proud to support. It is important for all of us local Memphians to us to help drive business into the Memphis community and help our local economy cycle keep thriving.