Support Small Businesses: According to the US Small Business Administration’s Office of Advocacy, small businesses account for two-thirds of the country’s net job growth and 44 percent of economic progress. Small firms, despite their critical role in the economy, have fared particularly poorly in this pandemic.
30 percent of small business owners that report fewer sales as a result of COVID-19 are unlikely to stay operating without government support. If you’re an entrepreneur or a business manager, you’re well aware of how challenging these uncertain times are for the small business community—and how critical it is to help one another.
There are various ways you can lend a helping hand, regardless of how many resources or clout you have. Now is the time to use these easy ideas and methods to support small businesses.
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Ways to Support Small Businesses
Recognize a different small business.
If you admire what another small business is doing, make a public statement about it on social media. This action is free, and it might just save the other company from going out of business. or if some admire you, reply to them by saying “thank you for supporting my small business”.
According to Fast Company, social media endorsements of small businesses produce 23% of revenue. Positive social media mentions are also a big generator of business, according to 78 percent of business owners.
One never realizes how much bounce rate or lead conversions a single kind of article might bring to the recipient—and they may even return the favor. Each week, set a goal for yourself to do a small business show, whether it’s for a neighborhood coffee shop or an internet artisan apparel store.
You can also help and grow by collaborating with other businesses
Increase the number of small businesses in your supply chain.
If your company relies on a group of vendors, Biz2Credit recommends looking for methods to expand your supply chain to include small businesses. Due to COVID-19 delays, 15 to 20% of small company vendors are experiencing late payments from the larger firms that use them as vendors.
For small business owners who rely on cash flow to pay their employees and keep the lights on, this wait is disastrous. Working with SMB providers, on the other hand, is a realistic strategy to mitigate this issue as a small business owner.
As a restaurant, you have the option of stocking your pantry with products from a corporate vendor or sourcing farm-fresh fruit, meats and dairy, and small-batch bakery items from local merchants. Even if you are unable to entirely rework your food procurement, you can engage with a single small business vendor for a specific item, such as morning bakery products.
Prioritize local companies above giant corporations when making purchases.
Small company transactions in the United States would drop by more than 30% by 2020. In 2021, your shopping actions may aid the recovery of additional small companies.
Choose a locally owned establishment over a national chain restaurant if you order takeout once a week. If you’re looking for staff gifts, go to a local store. Carry that thinking over to your buying habits, just as you want to be a mindful business owner.