From going to the gym everyday to making more time for family, many start the new year – and the new decade – by setting new goals and intentions in life, family, business, and beyond. This year, there seems to be additional buzz around changing consumer shopping habits to support more local businesses.
Since 2010, American Express has deemed the day after Black Friday as ‘Small Business Saturday’ where they ask Americans to consider “shopping small” to support local businesses. This action makes a huge effect on local communities as sixty-seven cents out of every dollar spent stays in neighborhoods around the country. This campaign has already made a significant impact with a reported $103 billion spent on Small Business Saturdays since its inception.1
As we welcome 2020, it is important to continue these local spending habits beyond Small Business Saturday. Not only does entrepreneurial activity appear to be at a near 100-year low, the U.S. economy has witnessed unprecedented levels of corporate consolidation over the past few decades.
Ross Baird, founder of Blueprint Local, states in his recent article on Impact Alpha, “today, the people who produce the goods you buy are not free to make as much money as they want; they’re subject to Amazon’s pricing algorithm. The people who write the books and articles you read don’t dictate how they get paid: it’s Facebook and Google’s ad revenue.”2
Independent businesses not only seem to be a catalyst to help local neighborhoods thrive, we believe they give people the power to voice opinions – and create solutions for problems at a local, unbureaucratic level. They also give jobs to residents and bring in revenue that can be spent within the community.3
CCM supports small business through its investments, specifically those aligned with three of our impact themes: enterprise development/job, human empowerment, and neighborhood revitalization. We will continue to make this a priority in 2020 and beyond as we continue to support small businesses prosper in the new decade.