Three Ways Small Businesses Should Adapt During Coronavirus Pandemic
In many countries, people are encouraged or required to remain at home except for essential errands. Small local businesses are facing difficult situations. They are essential for the economy of many countries, employing millions of people. In the UK, small businesses represent 47.5 percent of the private sector, employing nearly 20 million workers. In 2014, they contribute close to £2 trillion to the GDP of the UK. With that being said, it is crucial for small businesses to adapt and to weather the coronavirus pandemic if they, and our economy are to survive.
With the current state of affairs, small business owners need to contact a social media agency London business owners trust to help them create effective social media and digital marketing campaigns that will enable them to engage better with their customers.
Here are some ways that small business owners can protect their businesses:
Focus On Cashflow- access to cash is increasingly difficult for many small businesses. Small businesses are particularly vulnerable in this situation, because they can’t get enough funding to match the loss of their earnings. In a normal economy, only about 50% of small businesses are able to last more than five years. The lifespan of small businesses is far shorter during this pandemic, because they still need to keep spending on overhead costs, like payroll and rent. There could be emergency programmes provided by the government to provide quick cash flow to keep operations running and employees on payroll, but this will take many months before businesses see any relief.
Secure Access To Capital- although many small businesses have postponed expansions during the coronavirus pandemic due to sluggish demand, they still need enough capital to manage any current emergencies. They might also have short-term, high-interest debt obligations that they need to meet. It’s an operational standard for many small businesses to use short-term debts. Having adequate capital allows small business owners to handle these financial obligations.
Approach Local Policy Makers- in many countries, there are calls for billions to bail out struggling or failing small businesses. You could be just an owner of small business among millions out there. Even so, your voice is still crucial in this situation. Stay active in local small business associations to engage local policy makers. Certain economic policies must be rectified or amended to make them relevant to the current situations. Small businesses also need emergency stimulus and only policy makers could provide that. Phone calls, direct meetings, letters, email, and social media are effective ways to engage with local policy makers. They need to be convinced that small businesses are the actual lifeblood of local communities.
Contact Social Buzzing
To learn more about social media marketing, contact Social Buzzing today!
If you enjoyed this article, please feel free to share it on your favorite social media sites.