As part of our sponsorship of the Ingenious Britain campaign, we explain what ‘Small Business Saturday’ and why it’s important.
So, what is it?
Small Business Saturday is a grassroots campaign that encourages people to ‘shop local’ and support small businesses in their communities both on the day and beyond.
It is traditionally an American shopping holiday held on the Saturday after Thanksgiving, one of the busiest shopping days of the year. The initiative started in 2010, and has generated a lot of custom for small businesses.
It is promoted by American Express, and supported by many local businesses and politicians. Last year even President Obama came out in support of the initiative, tweeting in the run up to the day and visiting a local bookshop with his daughters.
What does it mean for small businesses?
The initiative last year created a whopping $5.5 (£3.5) billion in sales to small businesses, and led to an increase in long term custom.
Why do we need one in the UK?
Our nation’s small businesses provide almost two thirds of private sector employment and almost half of private sector turnover. Chuka Umunna – The Shadow Secretary of State for Business, Innovation & Skills – quite rightly thought that they deserve some recognition, and is bringing the initiative to the UK. (For more see – http://www.telegraph.co.uk/finance/yourbusiness/10118818/Why-UK-shops-need-a-Small-Business- Saturday.html)
When is it?
Small Business Saturday in the UK will take place on Saturday 6th December, one of our busiest shopping days of the year. American Express will be supporting the campaign on this side of the pond as well, and they aren’t the only ones! The movement is already growing, with backing from the Federation of Small Businesses, Forum for Private Business, the Association of Convenience Stores, the British Chamber of Commerce and the Association of Town & City Management representing hundreds of thousands of local businesses.