Small Business Saturday A Step Closer
Shadow business secretary Chukka Umunna is championing the cause of Small Business Saturday on 7th December…
Initially an Amercian idea, Small Business Saturday (SBS) is an initiative to promote interest in small businesses. In the USA it has mainly focused on the retail sector.
The Shadow Business Secretary had seen the success of the US initiative and said that it was a "no brainer" to stage a British version. Across the pond the last Small Business Saturday generated an additional $5.5 billion dollars of revenue for small retailers (Approximately £3.5 billion)
Speaking back in April, Mr Umunna said he wanted people to actively celebrate, champion and showcase the UK’s independent small businesses.
With small firms providing almost two thirds of all private sector emplyment and generating over half of the private sector’s turnover, Mr Umunna wants these businesses to be better appreicated.
Britain’s Small Business Saturday was set up earlier in the year with the date of Saturday the 7th December and the all-inclusive Small Business Saturday will encompass all sectors, according to Mr Umunna, not just retail, as the US version has apparently been focused. Services and manufacturing sectors will be included too.
Gearing up for the day, Mr Umunna led a live chat on the social media network twitter this morning. Using the hashtag #SmallBizSat he invited interested parties to an informal Q&A.
Questions included what can be done to encourage non-bank lending to SMEs? How can independent retailers get involved?
The Federation of Small Businesses (FSB) have suggested that firms interested in getting involved should use the official SBS badge in their websites and link to the campaign in order to offer promotions etc.
Mr Umunna said of Small Business Saturday:
"We should do more to promote entrepreneurship and the ‘British Dream’ and to recognise the contributions of small businesses."
The campaign will be offering updates and ideas for firms who want to join in with the day being a little over 3 months away – that’s not long, especially with many businesses thinking about the run up to Christmas…