It’s that time of year again. Santa is making his list and checking it twice. And so are small business owners. Seven years strong and American Express’ Small Business Saturday® is carving out holiday market share for independently-owned retailers and restaurants to boost sales between Black Friday and Cyber Monday. From 2015 to 2016 American Express reported a 13% increase in small business spending and more than double the number of businesses involved in the post-Thanksgiving weekend event. Small businesses are also near and dear to Sales Xceleration’s heart in being a catalyst for improving small business sustainability through revenue.
“Small Business Saturday is an increasingly important economic engine for independent businesses,” said Janey Whiteside, senior vice president and general manager of American Express OPEN. “These impressive numbers demonstrate the value that Small Business Saturday brings to local businesses, and American Express is proud to support the Shop Small Movement. We encourage shoppers to support their local businesses not only on Small Business Saturday, but all year long.”
With the rise of conscience consumerism and corporate social responsibility small business and profit transparency have come to the forefront of consumer spending, and it won’t be slowing down anytime soon. Don’t let the naming convention fool you, small businesses are a bigger portion of our economy than most may be aware (in both entrepreneurship and employment). According to the U.S. Small Business Administration there are 30 Million small businesses in the US that make up 48% of individuals employed, and a whopping 99% of total business, making up the backbone of the American economy and founding ideals of the American dream.
Many small businesses can sustain with the motto “If you build it, they will come.” However, stats show 50% of businesses struggle to survive after 5 years. In our work with small businesses, we’re seeing time and time again that sales is the primary driver affecting survival rate and stabilization. Owners are wearing so many hats, they “cap” off (pun intended) in getting past annual revenue year-over-year. Another challenge for small businesses is the lack of accessibility to “big business” resources. The fractional model of leaders stepping in to support small business owners is growing. We see this in how American Express is helping brick-and-mortars market themselves for Small Business Saturday® and providing perks such as tools for owners to promote their business, online and in stores.
Similarly, Sales Xceleration offers access to sales experts that small business owners couldn’t otherwise afford. As a group of sales leaders that have left the corporate world behind to contribute in a more impactful way, our Advisors kind of geek out on the opportunity to build a sales foundation that creates freedom, stability and (most importantly) revenue. The beauty of these shared models is that they serve both sides and fulfill the common goal to support entrepreneurs pursuing their dreams.
What we’ve seen is whether you’re psyched for Small Business Saturday®, just getting started, or can’t seem to get past referral business and the same annual revenue – it’s essential you have a successful sales plan in place.
To get started on your sales plan, check out our top 5 sales tips for business owners infographic below.