Small Business Saturday is coming up this weekend. Making the decision to buy small not only helps you save money, it is also an investment in your local community.
Did you know that on November 26 is it small business saturday?
In the immediate aftermath of the pandemic, many small businesses are facing challenges such as supply chain disruptions, rising inflation, and employee shortages. This year, supporting small businesses in your community can be more meaningful than ever.
When consumers spend their money at small businesses during the holiday shopping season, they will boost the local economy even in the current economic climate. According to a survey by QuickBooks, the popular accounting software used by small businesses, 79% of small businesses believe that the 2022 holiday season is more important to their financial health than the 2021 holiday season. Consequently, there is much in Game.
Small Business Saturday, created by American Express in 2010, is a day held each November to celebrate and support small businesses and all they do for their communities. Today it has inspired hundreds of thousands of consumers to shop within their own communities.
“The goal is to keep small businesses running and thriving,” said Sara Rushinek, professor of Business Technology and Health Informatics at the University of Miami Patti and Allan Herbert School of Business. “We are all a community, and since the pandemic, there has been a sense of kindness and closeness that you can’t get from big companies.”
Here are some reasons why you should shop little this holiday, and beyond:
Invest in your local economy
Every dollar spent supporting a local business is also helping their neighborhoods through sales tax — in Miami-Dade County, that’s 7 percent. From schools, to sidewalks, to fire departments, the seemingly small percentage makes a big difference.
“When the pandemic hit, the whole world was turned upside down and small businesses were really affected. But they have done a great job of being flexible to meet the ever-changing needs and wants of consumers.” Rushinek said.
Get a personal touch you won’t find at big companies
When it comes to small, local purchases, there’s a sense of ownership that larger companies simply can’t offer.
“Small business owners can get to know their consumers on a more intimate level to address their direct needs,” said Tanayla Bentley, program coordinator for The Launch Pad. “That will always be an advantage over big companies, which generally only attract a broad audience.”
The US economy has seen a series of ups and downs of late, and many small businesses are feeling the pinch. To keep up, Rushinek said, many small businesses have had to adapt, become more flexible and make changes to how they reach their customers. In turn, this has allowed consumers to experience a unique brand and experience packaging that big companies don’t have time to create.
“When you buy little, you get a feeling of friendliness and a feeling of closeness to the owner,” Rushinek said.
“The power of small businesses is constantly developing,” Bentley said.
Small businesses create jobs, which essentially help the national economy
According to QuickBooks, small businesses have the potential to generate more than $88 billion in vacation spending.
Small businesses accounted for 46.4 percent of jobs in the US in 2022, according to the Office of Advocacy, an independent office within the US Small Business Administration.