In all the excitement surrounding the Black Friday deals at big box stores, it’s easy to forget small businesses. Yet, most managed service providers (MSPs) themselves are small businesses, and the majority of their customers are small businesses too. In between Black Friday and Cyber Monday, the virtual equivalent for online merchants, there’s a very important day that shouldn’t be overlooked: Small Business Saturday.
Why Small Businesses Matter
Small Business Saturday was created by American Express in 2010 in an effort to promote small (less than 500 employees) B2C businesses, especially during the busy holiday shopping season. But why are small businesses so important to the economy?
- 64% of new jobs in the private sector come from small businesses, according to the Small Business Administration website (www.sba.gov).
- Small businesses also represent 43% of high-tech employment opportunities.
- Just under half (49.2%) of workers in the private sector are employed by small businesses.
- Small, local businesses recycle a higher percentage of their revenue back into the local economy than big box stores.
Additionally, small businesses are typically more adaptable to changing economic climates compared to their larger counterparts; this is often because customers remain loyal to their small local business owner even in tough times.
Small Business Saturday Payoff
What do small businesses stand to gain from participating in Small Business Saturday? A report from Constant Contact states that 79% of participants expect to improve brand awareness and 45% hope to attract new customers; 77% of businesses that participated in a previous year plan to do so again this holiday season.
Like big chains, small businesses list fall and winter as their busiest time of year, yet many lose potential revenue in the face of major savings from large store sales that local business owners often can’t match. Setting aside one day of the year to focus specifically on neighborhood merchants can make a big difference in revenue for these small businesses and their local economies.
Unlike Black Friday or Cyber Monday, the concept of Small Business Saturday has extended well beyond the holiday season, with Twitter users regularly promoting their favorite small businesses via hashtag (#SmallBizSaturday), not just on one Saturday, but throughout the year. If you’re a small business or work closely with small businesses, take the time to say thanks by sending a little spending their way this Saturday, and throughout the holiday season.
By Lily Teplow
By Gretchen Hoffman
By Gretchen Hoffman