Small Business Saturday 2023: Date, History, Importance

Local establishments are more inclined to ensure customer satisfaction and may even strive to maintain stock of preferred items.

Small Business Saturday 2023: November 25 is Small Business Saturday®, the Saturday following Thanksgiving. It is simple in this era of Cyber Monday and Black Friday to bypass the local mom-and-pop shop in favor of a big-box retailer or online retailer. However, SBS sponsors urge you not to overlook smaller neighborhood stores. Small enterprises can also utilize the day to educate themselves and improve their branding in ways such as collaborating with micro-influencers or establishing an online presence.

Small Business Saturday 2023: History

Surprisingly, American Express, a United States-based company that generated $37 billion in revenue in 2018, initiated Small Business Saturday in 2010. (Minority retailers do, in fact, accept credit cards.) Five years later, the U.S. Small Business Administration (SBA) became a cosponsor. Numerous small businesses have incorporated SBS into their methods for initiating the busiest purchasing season.

Based on the findings of the 2018 SBS Consumer Insights Survey, the aggregate expenditure of American consumers who reported visiting independent retailers and restaurants that day amounted to an unprecedented $17.8 billion. Over seventy percent of consumers are now cognizant of the Small Business Saturday initiative, according to the same survey. According to this yearly survey, SBS expenditures have reportedly increased to an estimated $103 billion since the inception of time.

Through Small Business Saturday events, the SBA, Women Impacting Public Policy (WIPP), and American Express aim to increase foot traffic and revenue for the 30 million independent businesses in the United States.

Established in 1953, the U.S. Small Business Administration assists citizens in launching, expanding, and developing enterprises. It is an autonomous federal agency established to provide support, guidance, protection, and advocacy for small business interests, to safeguard free and competitive enterprise, and to uphold and enhance the nation’s economy as a whole.

The SBA provides advocacy, access to capital, entrepreneurial development, and government contracting, among other services, to small enterprises. Most significantly, the SBA provides established small businesses and new entrepreneurs with low-cost training and free counseling in more than 1,800 locations.

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Small Business Saturday 2023: Importance

The benefit of convenience

In the absence of residing in a major metropolitan area, small businesses are likely to be the closest retailers to your place of residence. They are practically within running distance from wherever you are; you can simply run up the block to reach them.

They endeavor more

Local establishments are more inclined to ensure customer satisfaction and may even strive to maintain a stock of preferred items.

Learn About The Neighborhood

Small businesses, in contrast to their larger counterparts, exhibit unique characteristics. Familiarizing oneself with local small businesses can serve as an excellent means of fostering a sense of community and neighborhood.