Supporting Small Businesses Through The COVID-19 Crisis - ToOLOwl
Tuesday , May 21 2024

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Supporting Small Businesses Through The COVID-19 Crisis

The reach of COVID-19 is vast, and its economic impact is dire. It’s up to us to do whatever we can to help small businesses impacted by COVID-19. Since COVID-19 has become a full-blown pandemic, unemployment rates have skyrocketed as businesses are forced to shutter their doors for the sake of public health. It is undoubtedly a stressful time, especially for small business owners who have much smaller coffers to sustain them.

  • Volunteer On Behalf of Your Company: If you are not a part of the risk community, deliberate getting out there and doing some volunteering work on behalf of your company. Meals on Wheels expects the number of individuals in need of their meal delivery service to increase and is actively looking for volunteers. Post on a community Facebook group or, if you live in an apartment building, help your direct neighbors by putting a notice at the entrance.
  • Take to Social Media and Augment Messages: Instead of spending your days languidly scrolling, make a lively effort to follow and share the posts of companies you want to support. Make a list so that you can make this an ongoing effort. Augment messages from small businesses with nominal effort and offer them with the most exclusive advertising there is – word-of-mouth. If your chosen organization is running an excellent marketing campaign to boost its sales, retweet it to your followers.
  • Choose Credits Over Refunds: If COVID-19 stops a company from providing the product or service you ordered, wherever possible, try choosing a credit rather than a refund. With the economic triumph of the pandemic on small business owners and entrepreneurs, such distinction might make a difference between them making rent this month or not.
  • Use Your Expertise to Help Struggling Businesses: If you have the time and capability, try to use your skills to construct an e-commerce website for businesses to move their sales online. If you have some strategy that can help small businesses bounce back from this economic upheaval, then you can offer useful information to companies that need it.
  • Research and Recommend Funding Options: There are various funding options offered by the government to businesses during this time of COVID-19. You can research some of these options and sending whatever seems like a good fit for relevant small businesses. The Federal Reserve has also lowered interest rates to 0%, so small businesses can take out loans to stay in the market.
  • Extend Payment Terms: If you think you are in a position to provide loans or you have business customers set-up on payment plans, you can extend the payment terms so that you can help with their current cash flow situation.

No matter what you are doing to help, consider the fact that this crisis presents an outstanding opportunity to create a positive perception of your business while enthusiastically helping where it matters. Precisely, small businesses are suffering the most. Therefore, it is up to us as a community to do whatsoever we can to help.

 Read Also –  4 Business Principles That Survive The Pandemic

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