Small Business Saturday is a day to honor and promote small businesses, along with everything they provide for their communities. As the day draws near, Tom Sullivan, the Vice President of Small Business Policy at the U.S. Chamber of Commerce, joins us on the latest episode of the U.S. Chamber of Commerce Small Business Update to share more insights.
Back in November of 2010, American Express launched a campaign targeted towards supporting local small businesses through its Small Business Saturday campaign. The company intended to encourage consumers to spend locally during the holidays while providing small businesses exposure.
Key Takeaways:
1. Aside from American Express’s original marketing aim, the primary goal of Small Business Saturday today is to support the community. “Small business keeps the country going,” claims Sullivan.
2. On Small Business Saturday, when you spend $1 at a small business, around $0.48 stays in the community, compared to the $0.14 regularly.
3. The U.S. Chamber of Commerce’s quarterly survey on small firms indicates that, overall, things are going well for their financial sheets and internal operations. However, a recent Quickbooks survey found that 65% of small businesses depend on the holidays to enter the profit column for that year when reviewing sales in light of the national economy.
4. Sullivan asserts, “What makes small businesses unique ultimately falls down to the interactions between community members and small businesses.” For instance, small business owners can help spread the support by shopping at another small business between getting up and going to bed. After all, they are shoppers too.
5. The chamber has a webpage specifically designed to help address the frequently asked questions while aiming to maximize sales. CO is the chamber’s digital platform; log onto GrowWithCo.com for more information.
6. Regarding Small Business Saturday this year, Sullivan begs customers to be patient. “We continue to face work shortages despite the chamber’s anticipation of a three to four-percent growth in in-person sales.”
7. For customers seeking to support small firms online, like with Shopify, Amazon, and other sales platforms, designated areas will be offered to buy products from small businesses.
“Tis the season to reach into your pocketbooks and spend money at small businesses on November 25, 2023.”– Tom Sullivan
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