The Idaho State Director for the National Federation of Independent Business (NFIB) is urging residents to support local businesses by participating in Small Business Saturday on November 25. Suzanne Budge, who represents Idaho’s leading small business association, emphasized the importance of channeling some Black Friday spending towards Main Street enterprises.
“Small businesses across the nation are not faring well these days,” Budge stated. “Any little boost they can receive on Small Business Saturday will go a long way toward making this holiday season one that will encourage them to continue keeping their doors open for business into the new year.”
Research from Econsult Solutions highlights the economic impact of shopping locally. The findings indicate that approximately 60-70% of money spent at local businesses circulates within the community, compared to about 40-50% for non-local purchases. Additionally, small businesses contribute significantly to job creation and nearly half of all economic activity in the U.S.
However, challenges remain for small business owners. According to NFIB’s latest monthly Jobs Report titled “Tight Labor Market Continues to Hinder Main Street,” in October, 43% of owners reported unfilled job openings due to labor shortages. Moreover, inflation remains a concern with 22% identifying it as their main operational issue.
Despite these hurdles, Budge believes initiatives like Small Business Saturday provide crucial support. “Will a great Small Business Saturday cure all that is ailing small businesses? No. But for small businesses, most of which operate on the thinnest of profit margins, it could be the incentive to stick it out,” she explained.
Budge also mentioned extending the Small Business Deduction beyond its current expiration date in 2025 as another potential benefit for Main Street enterprises.
Small Business Saturday was first observed in the United States on November 27, 2010. It serves as an alternative to Black Friday and Cyber Monday by encouraging shoppers to visit brick-and-mortar establishments that are both small and local.
For updates on Idaho’s small business activities and events, individuals can visit www.nfib.com/idaho or follow NFIB_ID on Twitter.
