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Small Businesses Get Post-Turkey Boost

Small Businesses Get Post-Turkey Boost

Thursday, Nov, 30, 2017 05:23PM

For shoppers who are weary of the mass consumerism of Black Friday and Cyber Monday, Small Business Saturday offers respite from stampedes and retail hysteria. The day, which was on November 26 this year, was started by American Express in 2010 as a way to support small businesses, which are the backbone of the country's economy.

"Small businesses offer personalized attention and cater much better to local needs apart from offering small discounts and being good for their communities," Jeff Stibel, chief executive of Dun & Bradstreet Credibility Corp., told Reuters. "Your neighbors work at these stores."

A Massachusetts business owner told the Boston Herald that Small Business Saturday marked her best day of the year so far, with sales up about 25 percent.

Despite small business' vitality to the country, they accounted for 60 percent of the job losses experienced at the height of the recession. From 1990 to 2009, retail shopping at locally owned businesses declined from 59 percent to 48 percent, according to a Civic Economics study commissioned by American Express.

Students earning a business administration degree may be interested in focusing on small businesses, which preserve free competitive enterprise and maintain and strengthen the economy, the U.S. Small Business Administration said. 

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