It’s easy to forget, but small business optimism was historically strong heading into 2020.
COVID-19, of course, changed things. Social distancing meant retailers and restaurants had to change how they did business. Some had little choice but to close temporarily, and some of those businesses will never reopen.
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It’s easy to forget, but small business optimism was historically strong heading into 2020.
COVID-19, of course, changed things. Social distancing meant retailers and restaurants had to change how they did business. Some had little choice but to close temporarily, and some of those businesses will never reopen.
That’s why we need to shop local on Small Business Saturday and throughout the holiday season.
Small Business Saturday, the Saturday after Thanksgiving, was created 10 years ago in response to another crisis, the Great Recession. The goal was to get people to bypass the national chains on the first weekend of the shopping season and support locally-owned stores and restaurants.
And it worked. Last year, Americans spent a record $19.6 billion on Small Business Saturday, according to a survey from American Express and my association, the National Federation of Independent Business.
We need to try to keep the momentum going.
Small business owners are doing everything they can to get through this, but it won’t be easy. NFIB surveyed its members nationwide last month and found that 19 percent of them think they’ll have to close in seven months to a year unless the local economy improves; 15 percent said three to six months, while 3 percent warned they might be able to last only a month or two.