Small Business Saturday Projected to be Bigger than Ever this Year
Small business Saturday, falling between Black Friday and Cyber Monday, is the small business answer to slashed prices at big box stores created by American Express in an effort to boost awareness of local businesses and their contributions to the economy. Local business owners should take advantage of the social media campaigning that Amex invests in to promote Small Business Saturday, which continues to grow nationally. When combined with a positive forecast for this year’s holiday spending, both in brick and mortar locations and online, business owners would do well to remember the date, November 29th this year, and prepare for it by rallying their neighborhoods and other local business owners to get on board.
Plan a promotion. A discount is what your customers will be expecting, so get ready now preparing a door-buster that will bring business to your location. Think of something that is popular and can be discounted without your business taking a loss, since this item may be the purchase that inspires your customers to come back at a later date for more. You might also wish to lay down the groundwork for a referral program, since you will be getting more people in your location than on an average day. Turning new customers into referring customers is a way to increase your potential for new business and longer term customer relationships.
Get the community involved. The success of Small Business Saturday is contingent on community participation and spreading the word. While Black Friday is a long-standing tradition, the original Small Business Saturday was only four years ago, and awareness of the day is not as high as Black Friday. Promote your business via your social media profiles, in store posters and flyers as well as through encouraging other small business owners in your area to do the same. The more participation that you can rally from your community, the better for you not only this year but in subsequent years to come.
Get your cash flow in order. If you need to purchase inventory, hire temporary employees, or make sure that you have enough marketing to promote your business in circulation, then it is prudent to get your finances in order as well as manage your business’s bank statements and sales projections in order to create a loose picture of exactly what kind of capital you need. With the rise of alternative, non-bank financing, business owners have the ability to quickly obtain funding, but due to the higher cost relative to a bank loan, planning the deployment of the funding you need with your staff and financing company of choice is important for making your investments pay off.
Photo Credit to Polycart on Flickr