In 2010, American Express created a holiday called “Small Business Saturday.” It takes place every year on the Saturday after Thanksgiving to encourage Americans to support small businesses. This Small Business Saturday on November 27th, consider “shopping small” as you purchase holiday gifts. Here are several reasons why it’s essential to support small businesses.
Small Businesses Help the Economy
The World Trade Organization reports that small and medium-sized businesses represent over 90% of the business population, 60% to 70% of employment, and 55% of GDP in developed economies. When you shop at a small business, you support its local community. By spending your money at an independent business rather than a large franchise, you help stimulate the local economy and create jobs.
Small Businesses Promote Innovation
Small businesses must compete with large competitors, many of whom have access to far more resources. This competition forces small businesses to innovate and create products and services that attract and retain customers. Many small businesses think out-of-the-box and simultaneously improve the quality of life of the people they serve through their products.
Small Businesses Support the Local Community
When you support a small business, you support the town and neighborhood. Small businesses pay sales taxes, unlike big-box businesses in some areas that often have tax incentives from the local government to have locations in the area. The tax money improves public schools, roads, and parks and helps pay for crucial public service workers such as police officers and firefighters.
Small Business Often Provide Better Customer Service
small businesses genuinely value their customers. As a result, most will go above and beyond for those who support them in return. It’s much easier for a small business to learn about your needs, wants, and preferences than larger businesses and provide you with personalized customer service.
How Can You Support Small Businesses?
There are numerous ways you can support small businesses as a consumer. Here are a few suggestions to keep in mind on Small Business Saturday and every other day:
- Buy online or in-person from a local store rather than a large retailer.
- Write positive reviews and interact with small businesses on social media.
- Be loyal to a small business once you have bought from them and are pleased with their offerings.
- Tip more than usual.
- Donate to a local non-profit.
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