A business advocacy group has asked Colorado consumers to allocate some of their holiday shopping time and money for small firms.
“Shopping small is a good thing to do all year round, and this Saturday is a good reminder why,” said Tony Gagliardi, Colorado state director for the National Federation of Independent Business.
What’s dubbed as Small Business Saturday falls on Nov. 27 — the day after Black Friday and two days before Cyber Monday.
American Express established Small Business Saturday in 2010. The U.S. Small Business Administration has been an official cosponsor since 2011. Many small businesses participate in the event by offering discounts, giveaways and other promotions.
In 2020, shoppers at independent retailers and restaurants in the United States spent a total of $19.8 billion
“It’s a great time to reacquaint yourself with the small businesses around you, the owners who gave most of us our first jobs and your neighbors whom you might run into,” Gagliardi said. “This is a grim time for small businesses. So as never before, every little bit helps. If your local small businesses can ring up just a tiny bit more in sales, that could be the margin of difference between staying open for business or having to close up shop for good, the margin of difference between being able to keep an employee or having to let him or her go.”
Gagliardi said small business owners face several challenges.
The NFIB reported in its latest monthly jobs report that 49 percent of members reported job openings they couldn’t fill despite the record-high wages they’re offering.
According to the results of a separate COVID-19 pandemic poll conducted by the NFIB, 62 percent of small business owners said supply chain disruptions are worse now than three months ago, and 90 percent expected the situation to continue for five months or longer.
In the results of its latest monthly Small Business Economic Trends report, the NFIB said the proportion of small business owners who said they expect the economy to improve in coming months fell four points in October. At a net negative 37 percent, more respondents expected worsening conditions. That proportion has dropped 17 points over the past three months to its lowest level since November 2012.