Guide to Small Business Saturday® 2022
Everything you need to know about this annual event that benefits Main Street USA.
Small Business Saturday® is a big deal.
Small businesses, also referred to as family-owned businesses or mom-and-pop shops, are the lifeblood of our nation’s economy. According to the Small Business Administration (SBA), there are more than 33.2 million small businesses in the U.S., which accounts for 99.9 percent of all firms. They employ 61.7 million people, create two out of every three new jobs, and generate close to half of our gross domestic product (GDP). Small Business Saturday® is an annual event that celebrates these and the countless other achievements of small businesses.
American Express® devised the concept of Small Business Saturday®. The goals were to help small businesses throughout the country gain exposure and to encourage consumers to shop at small businesses in their communities. American Express® launched a nationwide advertising campaign to build awareness, and consumers noticed. The first Small Business Saturday® occurred on November 27, 2010, and it was an instant success.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
The movement to support small businesses.
Over the past few decades, big-box retailers and national brands have gobbled up market share in small towns and big cities alike, but that has not deterred the smaller establishments. Instead of struggling to compete or giving up altogether, small businesses continue their innovation history and adapt to the ever-changing, hypercompetitive business landscape.
The popularity of small businesses has risen in each of the past ten years, fueled by consumers who would rather spend their money at locally owned business establishments. One survey from Intuit® revealed that 57 percent of consumers shop at small businesses throughout the year to support them and keep their communities moving forward.
Small Business Saturday®: The $20 billion day.
American Express® reported that American shoppers spent over $20 billion on Small Business Saturday® in 2021. That means $20 billion went directly to communities like yours. This money helps small businesses prosper, enables local workers to keep their jobs, and helps communities thrive.
Next, here is a fun fact that you might not know about, as reported by American Express®: For every dollar spent at a small business, 67 cents stays in the community where the business is located. This money benefits local schools and organizations through local and state taxes. Additionally, small businesses are more likely to provide financial support to local charities, schools, sports leagues, and civic events.
Taking part in Small Business Saturday 2022.
This year’s Small Business Saturday® is on November 26, 2022, the Saturday after Thanksgiving. In the weeks leading up to the event, American Express® will run advertising campaigns to get the word out. You will also see Small Business Saturday® mentioned online and on your local news channel. That said, it is never too early to start promoting your participation.
To make Small Business Saturday® 2022 a massive success for your business, think of one-day-only deals or promotions that you can offer to entice shoppers. A well-publicized sale is a proven way to drive customers to your store who might otherwise shop elsewhere. In addition, you can promote your deals and promotions on social media. Start posting announcements about four to five weeks before November 26, 2022, and use hashtags relating to Small Business Saturday® for maximum reach.
Stock up for the big day.
Nothing frustrates shoppers more than out-of-stock items. Their excitement dwindles along with their customer satisfaction and brand loyalty. In many cases, shoppers grab their smartphones and look for the same items at stores you compete against. Fortunately, you can prevent this from happening with a little bit of planning and investing.
Start by checking your inventory levels for the products you plan to promote on Small Business Saturday®. If you have a point-of-sale inventory management system, this will be a relatively easy task to complete. Next, look at your historical sales results to forecast how many products you might sell with lower price points. Finally, anticipating the demand for your products will help you determine how many you need to order from your vendors and/or suppliers.
Get involved with the local community.
Taking an active role in the community can add value to your small business. To network with other small business owners, consider joining your local chamber of commerce. This can open the door to new partnerships and business opportunities. Next, make sure to attend any small business events that take place in your city or town. You can find them online or through the chamber of commerce.
Finally, you can sponsor local sports teams, schools, theater productions, toy drives, events, and charities that rely on community support. Word will get around that your small business supports the local community, making it more relevant and meaningful to residents.
Balboa Capital, a Division of Ameris Bank, is not affiliated with nor endorses the Small Business Administration, American Express, Small Business Saturday, or Intuit. Small Business Saturday is a registered trademark of American Express.
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