How Local Communities Can Help Small Businesses Bounce Back in 2023
How Local Communities Can Help Small Businesses Bounce Back in 2023
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While the economic impact of COVID-19 was felt by everyone across the country. There is no doubt that small business owners were one of the groups which got hit the hardest. An early 2020 report by CNBC disclosed that up to 60% of small business closures became permanent, resulting in thousands of entrepreneurs losing their livelihoods. While in 2023, the economic performance has improved, small businesses are still struggling to operate on the same level as before, making it more important than ever for communities to support local entrepreneurs. In this article by Avalon Park Group, we’ll explore various ways to do just that.
1.Organize Fundraisers
Organizing fundraisers for businesses on the verge of closure is a great way to help them survive and provide financial assistance to get back on their feet. The key to a successful fundraiser will be to communicate a story individuals will connect with. Whether it be a local vet clinic, bookstore, or handyman service, every local business contributes towards the betterment of the community in more than one way.
Consider recording a video where entrepreneurs share the story of their business, its ties to the community, and the impact the fundraiser will have on their livelihood.
2.Promote Local Businesses on Social Media
According to research by SEMRush, word-of-mouth marketing generates five times more sales compared to paid advertising campaigns. Hence, every social media post you share about a local business has the power to increase the footfall of their store and help them make more sales.
Another great way to support small businesses is to submit positive reviews regarding their products/services. Reviews are a key decision factor for customers when it comes to making a purchase decision. For instance, if your community has a great local restaurant, encourage family, friends, and colleagues to submit positive reviews on food-ordering apps, Yelp, Google, and online forums. This can potentially help increase the popularity of the restaurant and garner a larger customer base.
3.Volunteer Your Services
Whether you’re good at sales, accounting, marketing, or administrative tasks, consider providing your services to a local business as a volunteer. For example, accountants can help entrepreneurs accurately track their expenses, find inefficiencies and report all tax-deductible costs to reduce their tax burden. Similarly, sales professionals can connect business owners with clients with whom they can strike up new partnerships and secure a reliable stream of income.
Additionally, if a local business is short-staffed, consider volunteering a couple of hours each week to help them with ad hoc tasks such as stocking inventory, cleaning, minor repairs, etc.
Two Ways Business Owners Can Help Themselves
While the support of the community will make a positive difference in business performance, the ultimate responsibility for turning things around will rest on the shoulders of the owners. Here are two ways small business owners can recover from the recent economic downturn:
- Adopt a Digital First Approach: A 2021 report by McKinsey & Company expressed that e-commerce sales increased 2-5 times compared to pre-pandemic levels. Hence, whether you sell products or services, it’s time to make the transition to a digital-first business model and meet customers where they are. Selling product offerings through your website also reduces the need for investing in large physical stores, and the money saved can directly be invested towards paying off debt and overcoming financial difficulties.
- Hire Freelancers: Compared to full-time employees, freelancers are affordable and can be hired on a per-project basis. Marketing your business online is one of the best projects to hire freelancers such as graphic designers and social media managers. Not only will they help you generate brand awareness, but they also drive sales and improve business finances. When collaborating with a freelance designer, consider using a PDF to jpg docs converter as it provides ease of sharing and makes it simple to download graphics and use them for print promotions.
From organizing fundraisers to spreading awareness on social media, there are plenty of ways local communities can help small business owners. Additionally, entrepreneurs need to keep up with the times to adopt a digital-first approach, work with freelancers and use document converters to improve business efficiency, cut costs and ensure the survival of their business.
The mission of The 5th Floor is to help start-up, growing and scaling businesses meet their goals. To learn more about The 5th Floor or to schedule your tour visit us online or call 407.730.3493.
