Small Business Saturday, observed annually on the Saturday following Thanksgiving, is a day dedicated to celebrating and supporting small businesses across the nation. This year, it falls on November 30, 2024.

Initiated by American Express in 2010, the event encourages consumers to “shop small” and recognize the vital contributions of small businesses to local communities and the broader economy.

The Economic Impact of Small Businesses

Small businesses are the backbone of the U.S. economy.According to the U.S. Small Business Administration (SBA), there are over 33 million small businesses in the United States, accounting for 99.9% of all U.S. businesses.These enterprises employ approximately 61.7 million people, representing 46.4% of the private sector workforce.

Over the past 25 years, small businesses have been instrumental in job creation, adding nearly 13 million net new jobs, which constitutes about two-thirds of all new jobs in the economy during this period. As small business payroll provider serving more than 100,000 organizations, Asure is proud to provide software and services that make enable these businesses to save time, boost efficiency, and focus on growth. 

Community Contributions

Beyond their economic significance, small businesses play a crucial role in fostering vibrant and resilient communities. They often engage in community initiatives, support local charities, and contribute to the unique character of neighborhoods. For instance, in Vermont, small businesses are recognized for creating good-paying jobs and strengthening the local economy, with an estimated 67 cents of every dollar spent at a small business staying within the community.

Challenges Faced by Small Businesses

Despite their importance, small businesses face numerous challenges, including competition from larger retailers, economic fluctuations, and, more recently, the impacts of the COVID-19 pandemic. Events like Small Business Saturday provide a significant boost, encouraging consumers to support local enterprises during the critical holiday shopping season. In 2023, consumers spent approximately $17 billion at small businesses on Small Business Saturday, highlighting the event’s positive impact.

How to Support Small Businesses

Shop Locally:
Choose to make purchases at local stores and restaurants, not just on Small Business Saturday but throughout the year.

Spread the Word:
Use social media platforms to highlight your favorite small businesses and share your positive experiences.

Leave Reviews: 
Positive online reviews can significantly boost a small business’s reputation and attract new customers.

Participate in Community Events: 
Engage in local events and markets that showcase small businesses.

By actively supporting small businesses, consumers contribute to the economic health and social fabric of their communities, ensuring these vital enterprises continue to thrive.