What is the history behind Small Business Saturday? It would be pertinent to say that every day is small business day since it’s the real source of job creation in America and other countries. It also provides the opportunity for locals across the country to offer their unique products, passions and services that are unique to their local environments and market segments. “In 2010, American Express founded Small Business Saturday to help small business get more customers. The day happens every year on the Saturday after Thanksgiving and encourages people to shop at the small businesses that help write the story of America”. (American Express Card (2014) About Shop Small Business). Small business has been writing its own story of success and wish to live in harmony from the beginning; for even prior to 1880 it reflected the pioneer spirit of self-reliance and independence. These attributes dominated the landscape for many arrived in America to pursue personal and community goals so as to live in liberty and away from bondage or religious persecution. This provided the opportunity to innovate, express personal beliefs without retribution and to pursue meaningful goals.
Today, many find it refreshing to see more balance between small, medium and large corporate structure businesses influencing the economy and serving the public needs for great quality products and services. Each sector plays a unique role in sparking new interests for coming up with products that help consumers at all levels. This comparison picture of balance was presented here in blog February of 2011 to reflect how one sector does not need to over power or eclipse the other. American Express is just one example of a role played by a larger business in assisting small business with lending opportunities and public support. After all, small business and those employing workers nationally helped grow the middle class and therefore raised the standard of living for all Americans to include the ability to invest overseas. “Small and large businesses are not distinct segments of the U.S. economy: They buy each other’s products and build on each other’s innovations to generate economic growth”. (Leebaert, 2006) Also to note is that during this 2006 report, small business was creating about 75% new jobs and today that number has dropped to around 60% (Straight Money Analysis.com, 2014) due to decline in national manufacturing and China growing market share from overseas with many jobs growing out of the country. In fact, China has this year surpassed the US economy. How will this affect our standard of living and future? This is a question that needs more exploration by all the stakeholders affected. So, today more than ever we need to improve our markets and invest locally while growing alongside the global economy in order to continue ahead in harmony, balance and wellness, not detriment.
In conclusion, Has Small Business Saturday since year 2010 helped grow more business for small business? The answer is yes. The statistics following each year of small business Saturday shows an increases in sales and revenues. In the year 2013 sales went up by 4 percent than the year before and in their own words and findings, “Consumers who were aware of Small Business Saturday spent $5.7 billion with independent merchants on Saturday, according to research published today by American Express (AXP) and the National Federation of Independent Business”. (Business Week.com, 2013). This year is coming to pass and still early to tally all figures for 2014; however we personally asked small business owners downtown Colorado Springs and 99 percent of those asked responded that their sales were up on Small Business Saturday from previous year. One could also get an edge to propel ahead even further besides celebrating small business Saturday by balancing equity to debt ratios, continue to conduct research and new product development to include factoring for new business strategies. The small business administration also encourages small business to try exporting goods. The name small business does not imply small revenues for by definition The Small Business Administration defines it as unique concerns in all industries and sales of more than a million fall into the mix. For example:
• Services: Annual receipts may not exceed $2.5 to $21.5 million, depending on the particular service being provided;
• Retailing: Annual receipts may not exceed $5.0 to $21.0 million, depending on the particular product being provided;
• Special Trade Construction: Annual receipts may not exceed $7 million; and
• Agriculture: Annual receipts may not exceed $0.5 to $9.0 million, depending on the agricultural product.
Rejoice and enjoy each and every small business day today while continuing to support your local small business.