I joined the Chamber of Commerce 30 years ago because, as a parish pastor, I knew I was living in a bubble and needed to see what everyday life was like for people outside of my experience.
From the stories I heard I quickly learned that not all business owners in town were rolling in money. In fact, some were just barely making it, and for that reason Black Friday and all of the other promotional events that the Chamber produces — Holiday Walk, St. Patrick’s Day Parade, etc. — are necessary just to survive, to end the year in the “black.”
The website Score for the Life of Your Business listed suggestions on what small business owners could do on Black Friday and Small Business Saturday to increase sales, which I realize Chamber members are already doing as they hustle to make the most of the holiday shopping season:
Create Awareness
Creating awareness for Small Business Saturday can be done in a range of different ways, whether it’s word of mouth, flyers, social media posts, or a mailshot.
For example, I counted 34 businesses that paid for ads in the 35-page holiday shopping and activity guide inserted in last week’s Review. Twenty years ago, I remember Mark Hosty saying, “Advertising doesn’t cost. It pays.”
Digitize your Business
Focus on Your USP (Unique Selling Proposition). It can be tough competing with big brands and stores, but your differences can be your strengths. For example, focusing on the fact that you are small, family-owned, and have local products. Let your customers know why you are special and what makes your small business unique.
Be Social
Having a consistent brand presence can work wonders for your business. Using the right social media tools such as Hootsuite or Buffer, you can integrate with each of the major social media platforms and automate your posts to help maximize your social ROI and increase sales.
Build Partnerships
Finding ways to partner with other small businesses in your area can be a great way to improve your exposure and support other local owners.
At the same time that business owners are working hard to finish the year in the black, some consumers will lose control of their spending which will contribute to their finishing the year in the red financially.
An analogy: One of the joys in life is eating, but too much eating, especially eating in unhealthy ways, can lead to obesity, a major health problem afflicting 40% of Americans.
Similarly, credit cards make my life easier, but the statistics regarding the misuse of credit cards is shocking.
According to the website Lending Tree, “Americans have an absolute mountain of credit card debt — $1.233 trillion, to be exact,” leading to financial and emotional stress and damage to credit scores.
Many sources conclude that financial problems stem from:
Accumulating Debt/Overspending:
Credit cards make it easy to buy things you cannot afford, leading to a growing balance. This is often the result of viewing a credit limit as “free money” or making impulse purchases.
High Interest Rates and Fees: If the balance isn’t paid in full each month, high interest rates (APRs) are applied to the remaining amount, causing the debt to grow rapidly. Penalty fees for late payments or cash advances add to the cost.
Falling into the Minimum Payment Trap: Consistently paying only the minimum amount due means most of the payment goes toward interest, resulting in a prolonged debt cycle that can take years or decades to repay.
A summary of many sources concludes that the way to avoid finishing the year in the red includes:
Create a Realistic Budget
Prioritize Needs Over Wants
Monitor Spending Regularly
Pay the Full Balance Monthly
Set up Automatic Payments
Maintain a Low Credit Utilization Ratio
Avoid Cash Advances
Build an Emergency Fund
Be Aware of Interest Rates (APR)
Limit the Number of Cards
Read the Fine Print
An Edward Jones commercial contends that the key to being rich is knowing what’s most important.
In a way that’s a spiritual element in any attempt to avoid the slavery of debt.
What’s important is relationships. The myth of consumerism and materialism as seen in TV advertising is that accumulating things beyond basic needs plus a little extra fun stuff is the key to happiness.
One of my favorite oldies is “Rock and Roll Lullaby,” the story of a teenage single mother who knew what’s most important.
Now we made it through the lonely days
But Lord, the nights were long
And we’d dream of better moments
When Mama sang her song
Now I can’t recall the words at all
It don’t make sense to try
‘Cause I just knew lots of love came through
In that rock and roll lullaby
And she’d sing sha na na na, na na, na na na
It’ll be all right
Sha na na na, na na, na na na, na
Just hold on tight.