For 14 years, Small Business Saturday has been an opportunity to champion small business owners, their ideas and their innovations. A mainstay in consumerism–according to the 2023 Small Business Saturday Consumer Insights Survey, $17 billion was spent at independent retailers and restaurants–Small Business Saturday isn’t just another opportunity to shop.
Small Business Saturday, celebrated every year on the Saturday after Thanksgiving (for many populations this day is known as something vastly different), is a day dedicated to supporting local businesses. Itis an opportunity to shop, to reconnect with the community, support local entrepreneurs, and keep money circulating within the local economy.
Small Business Saturday matters.
Small Businesses Boost the Local Economy
Small businesses encourage local economies, schools, libraries, and public services. The data is clear, when one shops with small businesses, more of that money stays locally. Their business taxes influence the growth of nearby businesses. And, small businesses reinvest a larger portion of their profits into their local economies compared to larger chains. This means that every dollar spent at a local store has a multiplier effect, helping to fund local infrastructure, education, and other community services. On Small Business Saturday, your purchase goes further, supporting not only the storeowner but also the workers, suppliers, and other local businesses that depend on each other.
Small Businesses Promote Job Creation
According to the U.S. Department of Treasury, small businesses have created over 70 percent of new jobs since 2019. They are key drivers to job creation. By supporting small businesses on this day, you’re helping to sustain the livelihoods of employees, entrepreneurs, and their families. Every purchase, whether large or small, helps secure jobs and fosters more opportunities for local workers.
Small Businesses Engage in Greater Innovation
Small innovative firms with fewer than 500 employees produced 27 patents per 100 employees. That is almost 17 times as much as compared to large firms with 500 or more employees. Small businesses are key to driving the innovation that will lead to job creation and economic growth. Small businesses employ nearly 40 percent of America's scientists and engineers.
Small Businesses Increase Community Involvement
Small businesses give more to their local communities. This includes donating to local events, offering discounts to local stakeholders like veterans or teachers and encouraging employees to shop at other small businesses. Local businesses are often at the heart of the community– they’re a part of the community. In addition to sponsoring local events, their businesses become gathering spaces for neighbors. When you shop locally, you’re strengthening the fabric of your community. Small Business Saturday is an opportunity to celebrate the people who make your community unique and align your dollars with your values.
Small Businesses Strengthen Relationships
One of the standout features of shopping at small businesses is the personal connection. Business owners often know their customers by name and can provide a level of customer service that larger stores simply can’t. The individualized attention and expertise that local businesses offer create a more rewarding shopping experience, one that encourages loyalty and builds relationships.
Small Businesses Donate to Charity at Greater Levels
Sixty-six percent of small business owners donate to charity. Small businesses donate 250% more to charities and community causes than larger businesses.
Small businesses often bring a unique flavor to the market. It is a reminder of the vital role that local businesses play in the strength and vitality of your communities. It creates systemic change for historically excluded populations. By choosing to support small businesses on this special day (and beyond), you're helping to sustain local economies, create jobs, foster creativity, build a stronger sense of community and reimagine the future.
Celebrate the spirit of entrepreneurship. Your support matters more than you might think. Use this Small Business Saturday to make a difference. Explore IFEL’s Favorite Things Business Directory to learn more.
Small Business Saturday will take place on November 30, 2024.
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