With tensions between economies during COVID-19, supply chains across the Asia Pacific region are sure to be disrupted with Australia undoubtedly feeling the sting. When trade sanctions threaten Australian interests, it is natural to want to protect our onshore businesses.
Most of us have little influence over international policy creation, but there are some things we can do to support Australian and local businesses during the pandemic and beyond.
Buy Australian-made products
It seems like an obvious solution but looking at your own purchasing power is a great start. Buying Australian owned products whenever possible is not always so easy to do. In many cases it may not be obvious from the packaging, however, buying Australian made products is much easier, as many bear the official Australian Made logo.
The Australian Made, Australian Grown logo is a registered certification trademark, and can only be used on products that are registered with the not-for-profit Australian Made Campaign Ltd and that meet their criteria.
While buying locally may cost a little more, you’ll reap the benefits in the long run. Not only will you be helping to create local jobs, boosting the local economy and supporting the local community, but you’ll encourage regional spending and investment. This supports regional growth, and strong spending, as well as contributing to the national economy through tax revenues.
Invest in Australian businesses
Investing in Australian businesses is a great way to improve their cash flow and help them compete. There are numerous ways to do this, and it’s not limited to publicly traded companies.
For listed companies there is the option to invest in shares and purchase a piece of the company, and if you genuinely believe in the company, their leadership and their product, this may be an option for you.
Source Australian Suppliers
It’s difficult for Australian manufacturing to compete with the likes of China and India on price, but there are other reasons to consider manufacturing locally:
- Better control and communication – the basic rule for production is the further you are from the produce, the more difficult the communication. This can be in both the quality standard you expect, or general finishing of your order. It’s much easier to get an idea of how things will turn out and monitor quality control when you can pop in and visit the manufacturer.
- Protecting your ideas – knowing the intellectual property and protection laws in your own country can be tricky, let alone those in every country you chose to manufacture in. Choosing a manufacturer locally often means easier comprehension of your rights and protection laws, as well as the knowledge that there won’t be any generic knock offs of your product floating around.
- Shipping locally can be much cheaper – when doing small order runs, shipping can be significantly more expensive from other countries. As can import costs depending on the sizes of your orders. While production costs locally may be slightly higher, unless you’re moving significant volume, these costs will generally even out.
- Environmental and social responsibility – you can keep a closer eye on working conditions of the factory you employ and limit the amount of energy and environmental damage in transportation.
Buy gift cards
A great way to support local business is to purchase a gift card now to use in the future. In most cases, you can purchase gift cards for everything from your hairdresser, favourite camping store or restaurant. Check out inKind, recently launched in Australia from the US, an innovative financing platform for restaurants. inKind enables you to pre-purchase restaurant credits saving 15-20% over traditional gift cards, while providing much needed cash flow to restaurant owners.
Leave an online review or give them a shout out on social media
While it may seem like a small gesture, it’s such an important one. Leave your favourite business a review online and let people know all the great things they are doing – positive reviews build trust and ensure a good online presence – so important during these times!
Supporting Australian business growth has always been Timelio’s priority. All invoices available for funding on our marketplace are from Australian businesses. This offers a great way for investors to directly support businesses and invest locally.
You can see our case studies here for the types of businesses we work with.
For more information on investing on the Timelio marketplace and expanding your portfolio click here or call our team of experts on 1300 38 63 63.