How Local Merchants Can Work Together to Slow the Money in Ashland - Essay Example

Slow the Money: Ashland Case People in Ashland have difficulty in accessing capital to support their businesses and strengthening their economy. The ‘Slow money’ phenomenon suggests the local merchants to support their businesses, economy and living standards by circulating their finances within Ashland. The first and foremost benefit would be in the form of job creations. The more enterprises working in the region, the more human resources they will require. The ‘slow money’ concept further suggests the local residents to purchase and use locally manufactured products and services.

This will circulate the money within the boundaries of Ashland and the profits generated by the local businesses would benefit the economy as a whole in terms of business expansions and growth. The merchants have started their businesses in Ashland for the convenience of residency they have in Ashland. They had put in their finances in different businesses like food, clothing etc. to make all necessary products available in the market for the people. For a success in business, Ashland’s entrepreneurs need to invest wisely in the business that has more demand and less supply.

The reputation of businesses and awareness about ‘slow money’ ideas to develop the economy of Ashland is necessary to attract more local consumers. The local economy, with the help of proper marketing of the products, services and awareness about local circularization of money to improve the economy, would grow. The local merchants support each other as they have maintained good relationships between them. They may work together to improve the social and economic conditions of Ashland and reduce the crime rates, disputes and poverty that prevail there.