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Tote bags promoting the "Small Shop Small Business Initiative Saturday. Photographer: Daniel Acker / Bloomberg Finance LP© 2015 Bloomberg Finance LP
This is the time of year that retailers, and especially small business owners, are eagerly awaiting: the holiday shopping season, which begins the day after Thanksgiving (AKA, "Black Friday"). As the name suggests, this is the day when many retailers start generating profit for the year, from "in the red" to "in the dark". In fact, 20 to 40% of annual sales of small and medium retailers take place in the last two months of the year, according to the National Retail Federation.
The holiday shopping season is usually a period during which cash flow improves and retailers generate sales to offset losses in previous months. They can also prepare for difficult times in January. The success of the holiday season will determine many elements for the coming year, including growth plans and continued funding for small businesses to make them a reality. A good holiday season can mean an easier period for entrepreneurs looking for small business loans.
While some retailers are making a jump into the holiday season by opening Thanksgiving day, others fear negative reactions from consumers and staff at a time when finding available workers can be a challenge. So it's Black Friday that launches the ball, followed the next day by Small Business Saturday. Launched in 2010 to boost holiday sales during the Great Recession, American Express promoted the Saturday after Thanksgiving as the Saturday of Small Business, to be held this year on November 24th.
The country's elected representatives, business leaders and local chambers of commerce have decided to commit for a good reason: on average, two-thirds of every dollar ($ 0.67) spent on small American businesses remains in the local community, according to the same source. Study of the economic impact on small businesses from American Express. In fact, the study found that if US small businesses (defined as companies employing fewer than 100 people) were a country, they would have a GDP of $ 4.8 trillion, which is equivalent to Japan's GDP, the third largest economy in the world.
In addition, every dollar spent on small businesses generates 50 cents of extra business for local businesses because of employee spending and the purchase of local goods and services by businesses. Thus, the local economic impact of consumers during the holidays is important.
"What began nine years ago to support local stores during the holiday shopping season has become the Shop Small movement, bringing together millions of consumers, small businesses of all kinds, municipal officials and business leaders. Organizations in thousands of cities nationwide. Said Elizabeth Rutledge, director of marketing at American Express. "Small purchases have a significant positive effect on local communities and we hope that the Small Business Saturday program will help amplify this effect during the crucial holiday shopping period. When we go to the local market, small businesses thrive. And when small businesses thrive, we all prosper.
Promoting support for small businesses should not be relegated to a day or even to the holiday season. Entrepreneurs need to communicate the importance of shopping at local businesses throughout the year. Saturday's small business may mark the beginning of co-branded promotions and other collaborations between local business owners. Consider organizing holiday events, such as special shopping nights with refreshments and cross promotions with other companies, to promote each other's businesses during the holiday season.
In the coming year, consider creating local events that bring together community and business. Marketing efforts related to a cause do not necessarily have to be relegated to December. You can use the holiday season as a starting point for a Cause marketing program that runs throughout the year. Support a cause that matters to you, your employees and your customer and that matches your brand. For example, offer a discount to buyers who bring tin cans or other non-perishable items to your store, to give to a local food bank.
The workforce is strong, especially when complementary non-competing businesses and charities work together.
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Tote bags promoting the "Small Shop Small Business Initiative Saturday. Photographer: Daniel Acker / Bloomberg Finance LP© 2015 Bloomberg Finance LP
This is the time of year that retailers, and especially small business owners, are eagerly awaiting: the holiday shopping season, which begins the day after Thanksgiving (AKA, "Black Friday"). As the name suggests, this is the day when many retailers start generating profit for the year, from "in the red" to "in the dark". In fact, 20 to 40% of annual sales of small and medium retailers take place in the last two months of the year, according to the National Retail Federation.
The holiday shopping season is usually a period during which cash flow improves and retailers generate sales to offset losses in previous months. They can also prepare for difficult times in January. The success of the holiday season will determine many elements for the coming year, including growth plans and continued funding for small businesses to make them a reality. A good holiday season can mean an easier period for entrepreneurs looking for small business loans.
While some retailers are making a jump into the holiday season by opening Thanksgiving day, others fear negative reactions from consumers and staff at a time when finding available workers can be a challenge. So it's Black Friday that launches the ball, followed the next day by Small Business Saturday. Launched in 2010 to boost holiday sales during the Great Recession, American Express promoted the Saturday after Thanksgiving as the Saturday of Small Business, to be held this year on November 24th.
The country's elected representatives, business leaders and local chambers of commerce have decided to commit for a good reason: on average, two-thirds of every dollar ($ 0.67) spent on small American businesses remains in the local community, according to the same source. Study of the economic impact on small businesses from American Express. In fact, the study found that if US small businesses (defined as companies employing fewer than 100 people) were a country, they would have a GDP of $ 4.8 trillion, which is equivalent to Japan's GDP, the third largest economy in the world.
In addition, every dollar spent on small businesses generates 50 cents of extra business for local businesses because of employee spending and the purchase of local goods and services by businesses. Thus, the local economic impact of consumers during the holidays is important.
"What began nine years ago to support local stores during the holiday shopping season has become the Shop Small movement, bringing together millions of consumers, small businesses of all kinds, municipal officials and business leaders. Organizations in thousands of cities nationwide. Said Elizabeth Rutledge, director of marketing at American Express. "Small purchases have a significant positive effect on local communities and we hope that the Small Business Saturday program will help amplify this effect during the crucial holiday shopping period. When we go to the local market, small businesses thrive. And when small businesses thrive, we all prosper.
Promoting support for small businesses should not be relegated to a day or even to the holiday season. Entrepreneurs need to communicate the importance of shopping at local businesses throughout the year. Saturday's small business may mark the beginning of co-branded promotions and other collaborations between local business owners. Consider organizing holiday events, such as special shopping nights with refreshments and cross promotions with other companies, to promote each other's businesses during the holiday season.
In the coming year, consider creating local events that bring together community and business. Marketing efforts related to a cause do not necessarily have to be relegated to December. You can use the holiday season as a starting point for a Cause marketing program that runs throughout the year. Support a cause that matters to you, your employees and your customer and that matches your brand. For example, offer a discount to buyers who bring tin cans or other non-perishable items to your store, to give to a local food bank.
The workforce is strong, especially when complementary non-competing businesses and charities work together.
