Support Small Businesses Across the Momentum West Region with Your Holiday Dollars

Monday, December 16, 2019

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Now is an excellent time to explore all those businesses within the Momentum West region have to offer. Holiday sales can make or break a small business so if you want to support our economy - shopping local is an excellent way to do it. For example, on Small Business Saturday alone, $103 billion in sales has been generated for small businesses over the past nine years (National Federation of Independent Business, 2019).

Within the Momentum West region, local businesses have benefited from increased activity during the holiday season. According to the National Federation of Independent Businesses, small businesses expect an “average of 29 percent of their annual sales to come during the holiday shopping season” (National Federation of Independent Business, 2019). According to American Express, 56 percent of surveyed businesses said that Small Business Saturday gives their holiday sales a significant boost. The event is useful in both generating revenue, and for bringing attention to small businesses and downtown areas that community members may not traditionally shop. 

The reasons for supporting these small businesses is clear - small business owners create jobs and stimulate our local economy. 

Key Findings from the Small Business Economic Impact Study  

American Express conducted a county-level economic analysis on shopping at small businesses. They defined small businesses as any business with fewer than 100 employees (in other words – no big-box retailers). What they found is that the economic impact of supporting small businesses is even greater than what most people have imagined. In addition to keeping dollars local, these businesses are supporting job creation in other local companies. 

  • Every dollar spent at a small business in the United States contributes 67 cents to the local economy. 
  • Each dollar spent at a small business creates an additional 50 cents in local business activity. 
  • Every ten jobs at a small business supports an additional seven jobs within the community.

 Support Small Businesses in the Momentum West Region

When making holiday plans, remember to shop local and support the many small businesses making the Momentum West region an incredible place to live. With your shopping dollars, you have the power to support their businesses and to encourage regional economic growth. 

References

American Express. (2018, November 13). Small Business Economic Impact Study. Retrieved from American Express: https://about.americanexpress.com/press-release/another-reason-to-shop-small-on-small-business-saturday

National Federation of Independent Business. (2019, November 18). The Influence of Small Business Saturday. Retrieved from National Federation of Independent Business: https://www.nfib.com/content/news/alabama/the-influence-of-small-business-saturday/

https://www.nfib.com/assets/The-Influence-of-Small-Business-Saturday.pdf 

 

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