Small Business Saturday is November 26, 2016
Small Business Saturday first took place the Saturday after Thanksgiving in 2010 and has since been recognized as an official day nationwide. On this day, consumers are encouraged to support small and local businesses as the holidays approach. It provides small retailers a great opportunity to increase sales and gain exposure.
According to an article in the San Diego Union Tribune and Yelp, San Diego ranks #1 when it comes to shopping at locally based retailers.
“I always considered San Diego as a place that didn’t have people who would think of supporting small business over shopping at a large store,” said Brian Beevers, San Diego shop owner of Simply Local. “But it’s a pleasant thing for me to hear,” he said.
To take advantage in San Diego, here are some tips to prepare your business for Small Business Saturday.
1. Marketing – Spread the Word
It’s important you let consumers know that you will be participating in Small Business Saturday. An easy way to get started is to visit Shop Small and use their free promotional resources. Even online retailers can download the Shop Small logo to show you are taking part in this event.
Social media can also provide a useful way of getting the world out. Though the number of tools available can be daunting, social media can be your best friend if you use it right. Use hashtags like #SmallBizSat and #ShopSmall to highlight certain offers and discounts. Also, you can connect with the various Small Business Saturday social media channels to keep up to date with the event.
Here are the Small Business Saturday accounts to follow:
- Twitter: @ShopSmall
- Instagram: @ShopSmall
Another way to attract customers is hosting special events the day of. Whether it’s a raffle or a free breakfast, plan to give people more reasons to visit your business during this day. Additionally, keep in mind to stay purposeful in your advertising for this event. Be specific about what special promotions you will be offering so you stand out from other businesses, and consumers know exactly why they are coming to you.
“To distinguish ourselves, we offer complimentary gift wrapping and shopping advice, which you don’t get online, and most of our stores are in neighborhoods where customers are very local and their visits are more frequent,” said Brian Miller, owner of San Diego-based toy chain, Geppetto’s.
2. Inventory – Stock Up and Clean Out
With the right marketing, chances are you will have higher sales on this day. Make time to stock up on items in preparation for the increase in demand. Another thing to look into is the possibility of special discounts from your suppliers if you order in larger numbers. On the other hand, there might be products in your inventory you just need to get rid of. Take advantage of this holiday by offering special promotions on them. Think outside of the box; rather than your typical discounts, you can bundle these items or raffle them off to attract more customers.
Keeping track of inventory is essential to both but can also be difficult. One way you can make managing your inventory easier is converting to a single commerce accounting platform, like NetSuite.
- Single cloud platform where you can essentially run your entire business
- The elimination of the need to integrate various systems
- Access to real-time data visibility
- A reduction of operational costs
Not only will NetSuite help you get through Small Business Saturday; a single commerce platform can benefit your business in the long run.
3. Accounting – Start with Good Procedures
Before the consumer rush of Small Business Saturday, it’s important to have your accounting procedures organized. It’s easy to get sloppy with receipts and transactions, so having a good accounting procedure set-up from the start will help.
Read: Lack of Written Procedures in The 5 Things That Are Hurting Your Accounting Department.
Since Small Business Saturday occurs at the end of the month, take a look at Plumb’s month-end closing checklist.
Good luck with Small Business Saturday, and if your San Diego Small Business needs assistance with accounting procedures, Plumb is here to help.