Today is Small Business Saturday…a day that was created a few years ago to help promote small businesses and remind everyone of the importance of shopping at a local shop or restaurant.
This special day was created by American Express 3 years ago and has garnered a cult-like following. Now, obviously Amex isn’t just doing this because they’re the nicest people in the world. After all, this is a company that made $5 billion in profits last year. American Express is encouraging consumers to use their American Express card. Please keep in mind that credit card fees can be as high as 5% of sales…with small businesses covering the costs of those “rewards” programs (i.e. miles)...and those 5% fees can be the difference between a retailer making money and losing money…and if our goal is to help promote small businesses, let’s be sure that we are accomplishing that.
So, try to channel your inner Yogi Berra when you’re shopping at your local store today and use cash where possible…because as Yogi famously said “Cash is just as good as money”.