The Importance of Small Business SaturdayOctober 5, 2022 12:58 pm
The Saturday immediately following Thanksgiving Day and the shopping frenzy of Black Friday has become known as Small Business Saturday. It is immediately followed by Online Monday as a signal announcing the start of the holiday shopping season.
Small Business Saturday has been in existence since 2010 when American Express used the moniker to encourage consumers to get out and shop at their local neighborhood stores. The goal at the time was to spotlight small businesses amid the recession that occurred following the 2008 financial crisis.
Since 2015, the Small Business Administration has co-sponsored the event with American Express, in the hopes of supporting small businesses by helping to create jobs and boost local economies. It’s also a way to help small businesses compete with big-box retailers and e-commerce stores during the busy shopping season.
Why You Should Shop on Small Business Saturday
Put Your Money Where Your Mouth Is
Many of us say we support small businesses but then find ourselves ordering from Amazon, the large chains, and names that are nationally known, overlooking the small businesses in our own towns and cities.
Small Business Saturday gives us a chance to put our money where our mouth is in terms of monetarily supporting mom-and-pop stores in our neighborhoods. According to records from 2020, consumers spent a record $19.8 billion shopping on Small Business Saturday. Just that little bit of encouragement to “shop small” made a huge financial impact on small businesses across the nation.
Small Businesses Create Jobs
According to the Small Business Administration (SBA) 28 million small businesses operate in the U.S. alone. And since 1995, those small businesses have generated 66% of all new jobs in the United States. Small businesses are kinda a big deal for our economy.
Small Businesses Give Back to the Community
Studies have shown that not only do small businesses create a sense of community in local neighborhoods but they also give back to the community in great numbers. For instance, Civic Economics reports that “on average, 48% of each purchase at local independent businesses is recirculated locally, compared to less than 14% of purchases at chain stores.”
By spending money locally, you are supporting that business and the local economy.
Experience Better Customer Service
In order for small businesses to survive, they must keep their customers happy and loyal. That translates into exceptional customer service and owners going above and beyond to help their target audience.
Small businesses tend to be more personal and can cater to a customer’s needs better. If any of these concepts strike you as valid, try giving Small Business Saturday a go this year and see the impact your spending dollars can make.
Categorised in: Blog, small business saturday