Small business owner report: End-of-the-year holiday outlook
While the upcoming Black Friday and Cyber Monday are critical days for most retailers, I was surprised to learn that those two key holiday shopping days just aren’t a big deal to most small businesses.
Bank of America released its semi-annual small business owner study last week that uncovers aspirations, perspectives and pain points and revealed that 68 percent of small business owners say Black Friday is not important to their bottom line, while 67 percent say the same thing about Cyber Monday.
Even though 37 percent of small business owners say they plan on closing their doors for the holidays, there is a day dedicated just to small business owners, nestled between Black Friday and Cyber Monday called Small Business Saturday.
This shop small Saturday on Nov. 26 was started by American Express in 2011 and puts a spotlight on the 28 million small businesses across the country. Here’s a snapshot from the U.S. Small Business Administration to show you why it’s important to support the growth and contributions they make to your local community.
- The 28 million small businesses in America account for 54% of all U.S. sales.
- Small businesses provide 55% of all jobs and 66% of all net new jobs since the 1970s.
- The 600,000 plus franchised small businesses in the U.S. account for 40% of all retail sales and provide jobs for some 8 million people.
The report also found that while small business owners are cautious about the economic outlook for 2017, more than two-thirds expect to meet their year-end revenue goals. As for the holidays specifically, 40 percent of small business owners in the retail sector expect to beat last year’s holiday season revenue. That’s up from 38 percent last year and up from just 12 percent in 2014.
Another surprising twist from the end-of-the-year holiday outlook is the fact that despite 68 percent of small business owners expecting to meet their year-end revenue goals, holiday perks – like a bonus, party/gifts for employees and flexible hours or vacation time – are down quite a bit from previous years.
Whether you’re looking to find and hire more workers to keep up with the holiday rush, or just need the right tools in place to schedule and communicate with your team, Snagajob has you covered.