We wrapped up another successful Tour of Industry at the end of January. The Tour is important for many reasons, one of which is because it strengthens the relationship between businesses and the community.
The business/community relationship is not one-sided. The most obvious benefit for the community is that businesses create jobs. The business and employee tax revenue funds essential government programs such as health, education and infrastructure. We would not enjoy a healthy community absent thriving businesses. The kinds of businesses that locate in our area help establish our community identity and sense of place.
It is difficult to measure the ROI of community investment but businesses that expend their time and financial resources for this purpose stand to reap many benefits when they make it a core focus of their overall business philosophy. Companies who have made this investment report the networking has assisted them to find new markets, customers, and potential investors, they have had an easier time attracting employees and retention rates are higher, their customers view them as being more trustworthy, honest and stable and they experience increased familiarity with their brand. Perhaps most importantly, over time, this investment will increase revenue. With respect to the businesses on the Saanich Peninsula operating internationally, your community members may not be purchasing your product but they will be interested in your opinions, perspectives and expertise and you will benefit from community feedback and support. Competitors can imitate your product or service but they cannot replicate your community.
How can you invest in your community? I have a few suggestions: take out or renew your Chamber membership, sponsor an event, establish an employee volunteer program, participate in our Tour of Industry, nominate your business for a Crystal Award for Business Excellence, support a local charity or share your expertise with new entrepreneurs. Being a good community member is not something that can be done sporadically but rather is something that needs to be done consistently and visibly.