Every Saturday Should Be Small Business Saturday

It’s easy to click and buy something online from a major retailer or go to a big box store where you can get everything you need in one place. Doing so, however, may be counterintuitive to the health of our economy. Don’t get me wrong, I’m not entirely giving up ordering online or going to my favorite chain grocery store, but I am saying that we all need to be more conscientious about supporting small businesses — for all our sakes.

Small Business Saturday is this month, on November 26. And as usual, the media will shine much-deserved attention on the more than 32 million small businesses across America — for one day.

We will all be encouraged to go out on that one Saturday and support small businesses. Still, given current inflation and supply chain challenges, many of these businesses are fighting for survival every day. One day of sales just isn’t enough.

The U.S. Economy Depends on Small Businesses

Struggling to keep the doors open and staff employed is not solely a problem for small business owners. This is a problem for all of us.

From 1995 to 2020, small businesses accounted for 62% of all jobs in our country and 43.5% of U.S. GDP. Small businesses are the lifeblood of our communities and our economy. We all benefit from small business strength whether we recognize it or not. If the small business community fails, so do we all.

Why I’m Passionate about Small Businesses

I’ve been an advocate for small businesses from early on. As an entrepreneur, I learned quickly that too many business solutions focus on big businesses and not enough was being done to help small businesses manage the complexities of their finances.

Small businesses can be fragile and more easily impacted by global economic headwinds, and at Hurdlr, we believe whole-heartedly that this segment of our economy must be supported and allowed to thrive. We created Hurdlr Enterprise to serve even more small businesses with financial tools that are specific to their needs, and we welcome banks and fintechs that want to partner with us to help ease their own small business customers’ ongoing pain from cash flow tracking, bookkeeping and income taxes.

We all need to do our part in understanding the impact of small businesses and support the owners who struggle daily with keeping their companies afloat.

Don’t get me wrong, I love Häagen-Dazs ice cream and I’ll continue to buy it! But I equally love Sarah’s Handmade Ice Cream, a small business in my community. Their ice cream may cost me a little more, but I think it’s worth every penny. The bonus is that I come away knowing I have done something to help the small business community and our local economy.

We all need to consciously choose to shop small regularly — not just one day a year. And it doesn’t necessarily require driving to your local town center.

Small Business Is Big Business

I recently had the opportunity to hear Wells Fargo’s Head of Small Business Banking Derek Ellington keynote at American Banker’s Small Biz Banking conference in Nashville. Something he said resonated deeply with me: “Small business is big business.” As the stats show, small business IS big business — accounting for more than 99% of businesses in the U.S.!

But small businesses need to be nurtured with consistency. We all need to do our part to support them. We all like to buy products that are made in America for the sake of our economy, so should we choose to shop small as well.

The Story Behind Small Business Saturday

Ironically, Small Business Saturday was started by a big business (American Express) in 2010. AmEx recognizes the importance of small business to their own success. Small businesses don’t just impact local communities; they have a much bigger impact.

In 2021, Small Business Saturday saw $23.3 billion generated by the more than 32 million small businesses that drive our economy. That’s big business!

In 2022, the Small Business Association, Women Impacting Public Policy (WIPP), and American Express will encourage consumers to support small businesses throughout the holiday season.

I want to encourage everyone to do it year-round. We should alternate the places we shop regularly. Diversify where we spend our money, and ensure we support both the local economy and the online small business economy.

And remember: It’s not charity to shop small or shop local; it’s good for all of us.

With Thanksgiving on our minds this month, let’s be grateful for small businesses and tell those small business owners and entrepreneurs we appreciate what they do for our communities and our broader economy — every day of the year.