Chances are, wherever you come from, there is a small business that has played an important role in your life. It may have been the cafe that you and your family went to for a good meal, or the construction work firm in your town you called for the emergency repairs needed at your home. At the time these local entities contribute to making your neighborhood and society what it is.
A staggering 7.5 million small businesses are in danger of permanently closing, and 24 percent are just two months away from closing for real. In short, the small business sector is being ravaged by the economic crisis led by COVID-19. In short, the economic recession driven by COVID-19 is devastating to the small business sector. Around 100 gold jewelry stores shut down in the UAE after the pandemic hit in 2020, according to a manager of a leading chain.
“We are going to see a level of bankruptcy activity that nobody in business has seen in their lifetime, this will hit everyone, but it will be harder for small businesses since they don’t have a lot of spare cash.” Said James Hammond, chief executive of New Generation Research.
Around 50 percent of the country’s GDP is generated by the 30,7 million small businesses in the U.S. Every year, these companies generate 1.5 million jobs, spark creativity, and provide many people with opportunities to achieve financial independence.
Owners have progressively come up with tactics to hold companies running, helping customers and owners by safeguarding their mutual interests.
In the early weeks of the coronavirus pandemic, consumers buoyed small businesses with gift card purchases and online fund-raising campaigns. But as the pandemic persisted and restrictions constrained operating hours, many independent businesses continued to struggle.
So let’s discuss some ways by which we can support local business setups around us:
- Shop more from local businesses:
Each time you go shopping for something, you invest in the growth of the company from which you bought, so spend your cash responsibly and carefully. Try to find a small company that can deliver what you want before you blindly shop from big-name stores like Walmart, Aldi, or Amazon. However, shopping locally does not inherently involve abandoning all websites online. Platforms such as Bookshop and foodpanda connect users with tiny retailers. Clothing shops can be sold via websites such as Shopify, daraz.
- Order frequently and tip more:
Surely, you might like local takeout lately, but restaurants will need your company even after this COVID cloud lifts. Make sure that the local restaurants are your foremost choice and start tipping more than normal. For almost two months, most workers have been out of employment, salaries, and tips. Be as charitable as you are inclined to.
- Share your experience skill-set:
During these financially difficult times, do you have a talent that could support a small business or non-profit? You’re an entrepreneur, auditor, or economist? Or you might be a merchandising professional? Invest some of your time in your area of practice assisting small businesses to help them in their growth and survival.
- Beyond Charity:
By involving small companies wherever possible, you can double the impact of charitable endeavors. Order meals from independent restaurants for key employees of local businesses. And even though it’s a little more costly, try purchasing food items from local shops. You can donate some money according to your affordability to support any sinking business or businesses under huge debt because of the present situation.
- Visit their online stores:
There are also several retail companies that sell online. “Visit their website and look for an option of order placement. E-commerce would not be developed for all small businesses, so you can contact or call them to find out your choices.
- Send gifts to loved ones:
Consider giving a friend or a family member something bought from local businesses, e-commerce, or e-gift cards. Share with a friend living far away, a glimpse of your local area shops. Surprise a coworker at your favorite restaurant with a gift voucher.
- Feedback on their online sites:
Reviews are a source of social evidence and can reinforce the reputation of a brand, create trust with new customers, and strongly influence the purchasing decisions of people.
Your favorite companies could have consumer feedback on their website as well as third-party websites directly. Go to their site and, if possible, leave some positive feedback about their service.
- Avoid shopping from big labels’ sales:
Consider staying home on specific days like Black Friday and end of season sales, unless it’s to help a small company. Not investing your cash on non-small businesses such as department stores or big national or foreign brand stores are one way to help small businesses. Those locations are often neglected during big offers by big brands in town, so save the struggle of rushing to those big label stores on specific days and instead visit a small business.
- Collaborate with Another Small Business:
Find a way to cross-promote your company with another small business to create sales for both of you if you are a fellow company owner. You can do this by offering small business sponsorship discounts. Say you own a bakery and want to partner with the coffee shop around the corner, you can advertise people who come to your bakery with free flyers of the coffee store or you may offer some discount to people who visit coffee shop prior to visiting your store.
- Subscribe to their advertising platform:
Many small firms have some social media advertising or email newsletter. Subscribers can also be a slight boost to morale, and you can also remain aware of their new promotions and updates. At this time, you might learn other ways to support them, such as being a member of their group to help raise them up.
About the author
Abroo Murtaza is one enthusiastic and passionate writer who loves to write about traveling based on the interest of exploring new places, reading about them, and then delivering the knowledge through her pen. Moreover, Abroo is also fond of writing about technology trends, business, gadgets like the latest mobiles, cameras, etc. She thus strives to provide accurate information and knowledge in respective areas of interest and educate people on real terms.