Small Business Saturday is a national holiday that supports small businesses across our country and helps promote their importance to our nation’s economy. It was started in 2010 by American Express and it always occurs the Saturday after Thanksgiving. Small Business Saturday has to compete with larger retailers on Cyber Monday and Black Friday – all within the same week. However, the impact of “#SmallBizSat” has been tremendous so far and it’s important that we continue supporting this effort.
According to CNBC, an estimated 112 million shoppers spent money on small businesses last year, a 13 percent increase over the prior year. In addition, about 72 percent of U.S. consumers were aware #SmallBizSat exited. As a general rule of thumb, the Small Business Administration defines small businesses as up to 500 employees or $7.5 million in average annual receipts.
Overall Small Business Stats
- There are 28.9 million small businesses in the U.S.
- Small businesses account for 99.7% of all businesses in the country
- If you spend $100 at a local business, roughly $68 stays in your local economy. If you spend the same for a large business, only $43 stays in the local economy
The Small Business Administration has resources posted on their site for small businesses to prepare and take advantage of this day. Here are some sample resources:
- Small Business Marketing Materials
- 33 Creative ideas for Small Business Holiday Marketing
- 7 Holiday Marketing Tips on a Limited Budget
- 5 Ways to Market Your Business for the Holiday Season
Do you have a favorite small business? If so, don’t be shy! Show your support by posting on social media networks using the hashtag #ShopSmall, #SmallBizSat and/or #DineSmall.
The Export-Import Bank of the U.S. (EXIM) is a sister agency to the SBA and EXIM supports small businesses that export abroad by providing loan guarantees and export credit insurance in case a foreign buyer doesn’t pay. If you would like to learn more, please contact your local EXIM rep below: