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.
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 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.
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 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.
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:
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As a retirement income specialist and 38-year veteran of the financial services industry, August H. Velten understands what his clients need in order to enjoy a comfortable retirement. Augie is a former instructor for the Life Underwriter Training Council. He once occupied the legislative seat for the Maine Association of Life Insurers. At August H Velten & Associates, we know that it is your retirement, and you should have control over it. We offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!