Small Business Saturday is the perfect alternative to Black Friday’s long lines and Cyber Monday’s online sales.
The first national holiday to be celebrated was in 2010. It highlights the importance of supporting small businesses. Small businesses play a major role in the U.S. economic system, promoting local job creation, innovation, and entrepreneurship. Entrepreneurs are the true backbone of American economic growth.
Small Business Saturday is a great opportunity for small businesses to attract customers with special offers on their products and services, just in time for Christmas. This year, the COVID-19 epidemic has made planning and decorating for in-store events a challenge. We’ve created this guide to make your event a success.
When is Small Business Sunday?
This year, Small Business Saturday will be held on November 27, 2021.
2021 Challenges
The COVID-19 pandemic has brought small businesses to the forefront this year. It’s important that entrepreneurs who are struggling have the chance to rebuild. Rebuilding comes with unique challenges including:
Cash Flow
After the economic shutdown, many businesses saw a drop in their revenue. You can boost your cash flow by getting a small-business loan or cutting down on unnecessary costs. For more information, visit our blog: Small Business Cash Flow Problems Due to Pandemic.
Staffing
In April of last year, the Bureau of Labor Statistics published data showing that 4 million Americans quit their jobs. This was the highest resignation rate since 2000. Many small businesses are facing a difficult battle to find workers during the “Great Resignation.” Some employees leave for better benefits and pay, while others quit the workforce to rely on government programs.
According to a survey conducted by the National Federation of Independent Business (NFIB), 50% of independent business owners said that they have job openings which they struggle to fill. When you are planning your holiday hiring, keep this in mind. Consider enhancing the compensation package to attract top talent.
Consider enlisting family and friends to help you. It’s important to have professional conversations with friends and family, even though these relationships are informal. This will help to portray your business to the public as a professional one.
Safety
You may have to spend more money to comply with state regulations on health and safety in light of the COVID-19 outbreak. We’ve listed some tips to keep your business safe. Share the safety measures you’ve implemented to ease the anxiety that shoppers and staff may feel. It may be their first public outing since the outbreak of the pandemic. This article also contains some safety tips for small businesses: Workplace safety.
How to prepare for Small Business Sunday
1. Funding
Cash flow management is one of the biggest challenges small business owners face. 60 percent of small-business owners report that cash flow is a major problem in their company. This problem has gotten worse as they navigate the economy post-pandemic.
It is the perfect time to apply for financing, especially if your PPP loan has run out of funds. Apply for funding as soon as possible. Small businesses have many options when it comes to loans. The SBA 7(a), with their low rates and long term, is a good option.
A term loan from a bank is a good option for business owners. A bank term loan often requires less paperwork. The proceeds can be used in a variety of ways. Paying off a term loan responsibly will help you build your credit, so that you can qualify for favourable funding rates down the road.
These days, there are a number of other options for small business owners to finance their business. This includes lines of credit as well as credit cards.
3. Inventory
Be prepared for a sudden surge in sales and keep an eye on your inventory. Stock up on the products you are promoting. You can offer a rain-check option to customers if you run out of a product. This will allow them to get the same discount if you restock. Review our blog: Inventory Management for Small Businesses to get a high level exploration.
4. Join forces with other entrepreneurs
Small Business Saturday networking can offer many benefits, including:
- Save money by sharing expenses such as marketing and advertising
- Expanding your customer base
- Organizing events in conjunction to maximize exposure
- Bundling products
This blog post from SmartBiz Loans(r) offers some additional ideas about how your small business can support other small businesses .
5. Prepare your staff
An employee can become exhausted by a busy day. If you prepare your employees for increased activity, you will be able to set realistic expectations. This can be achieved by fostering the correct attitude and staffing your business appropriately. To reinforce the behaviors you want your employees to adopt, review Customer Services Skills for Success.
Small Business Saturday: Follow up
You should not stop your promotional efforts when you shut the doors on a Saturday. You can use the momentum that you have built to continue the holiday season. Here are some ideas to keep your revenue growing:
Thank you note
You should collect the contact information of your customers as part of your Small Business Sunday strategy. Sign up your customers for text messages, email alerts or newsletters and offer a small discount. Thank your customers for their patronage on Saturdays. To keep your customers engaged, you can give them a sneak peek at new products or specials.
Remind yourself of the importance shopping small
Remind customers of the importance to shop small. The impact of buying from small businesses throughout the year is significant for the economy and the community. It’s vital that the public be reminded.
Take advantage of other special shopping Days
Do not forget Cyber Monday which takes place immediately after Small Business Sunday. Make sure your website is updated with any special offers you are offering. Send out an email blast and promote online sales on social media.
Giving Tuesday is the second Tuesday after Cyber Monday. This is a great opportunity to give to your local community. You can, for example, donate a part of your sales to a charity in need. Or you could collect canned food or clothing items that will help a non profit.
Encourage positive feedback
Encourage satisfied customers to post reviews about your business online, such as on Yelp, Google, TrustPilot, etc. Internet is the first place that shoppers go to and good word of mouth is very valuable. Make sure that you have claimed your business, and all of your information is accurate and current.
Plan your next year
It’s never too soon to start planning next year’s Small Business Sunday. This Resource Guide is a great way to review marketing strategies and stay on top of the latest marketing materials. Budget for specials, bundles and discounts in advance.
Final Thoughts
SmartBiz Small Business Blog offers additional resources that will help you plan a successful Small Business Sat. We wish your business and you the best of luck for Small Business Saturday 2021.
