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Nearly 8 Months into the Pandemic: Small Business Owners Concerned About Their Survival

Thursday, October 29, 2020 0:57

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Small businesses around the planet are in a fight for their survival. The COVID-19 pandemic has rocked the economy in ways that most people could not have imagined when everything started in March 2020. Now, eight months into the pandemic, many small businesses that were considered to be financially solid have closed their doors. Others are scrambling to make changes to keep their doors open.

Small businesses are the building blocks of the world economy. There is a genuine concern that the closure of these small businesses could create irreparable damage to the communities they support.

Some small businesses were in a better position than others in being prepared for this pandemic. They already had a thriving website and e-commerce options. However, others relied on word-of-mouth advertising. They shied away from setting up a website because they felt it was unnecessary. Now, they find themselves trying to play catch-up. They are investing in digital marketing and trying to redirect their customers to buy online. Some have been successful, and others have failed because their attempt to adapt was too little too late.

Small business owners are taking the COVID-19 threat to their business seriously. They are looking for alternative sources of funding, using secure accounting software to reevaluate their spending, letting employees go or reducing their hours, and looking to sell products and equipment that they no longer need or can no longer afford.

Customer Anxiety Affects Small Businesses

Making matters worse is the fact that customers feel anxiety. Many countries have lifted most of their stay-at-home orders. They are allowing restaurants, bars, and other businesses to operate freely. In some areas customers have to wear a mask, have their temperature checked, and use hand sanitizer before entering the facility.

These are constant reminders of the threat of coronavirus. As news reports tell stories of spikes in coronavirus rates and as celebrities and politicians test positive for the virus, customers become nervous about going out and putting themselves at risk.

Prior to COVID-19, it seemed like the world’s economy was moving forward. Job statistics in many parts of the globe were positive. People felt confident spending their money. Now, there is job insecurity. Consumers do not know if they are going to have a job a month from now. They are cautious about how they spend money. If they don’t need it, they don’t buy.

Small businesses are feeling the brunt of customer’s anxiety. Many customers are opting for the security and convenience that comes from purchasing products from large retailers that offer discounts, free delivery, and the ability to order multiple products in different categories simultaneously.

Adapting as Things Take Longer Than Expected

When COVID-19 first appeared in March, small business owners did the responsible thing and responded quickly. They closed shops, sent employees home, and turned away customers.

Restaurants that were known for their dining experience quickly changed to offering takeout. Gyms offered their classes online. In March and April small businesses saw this as a once-in-a-lifetime minor inconvenience that would disappear quickly.

In the United States and in other countries around the world, governments kicked in to provide financial support to small businesses. The Paycheck Protection Program gave forgivable loans that helped small businesses pay their employees and keep them on standby until things opened up.

However, eight months have passed. Many businesses have opened their doors. But many are not allowed to operate at full capacity. And even if they were, the customers aren’t there. Strict safety protocols, far from encouraging customers to visit, have scared many away. Many small businesses are being crushed by overhead and inventory costs. They are struggling to determine if it’s even worth it to keep their doors open.

It’s estimated that by the second week of July 2020, approximately 73,000 small businesses in the United States alone had closed their doors. Many small businesses that have kept their doors open are operating on less than 50 percent of their revenue compared to pre-pandemic days.

It’s becoming clear, as the pandemic continues, that allowing a business to open its doors is not enough. Customers don’t feel confident enough to come back. We could face a monumental shift in how business is done around the world. The only way that small businesses are going to survive is for small business owners, the government, and financial institutions to work together in a shrewd and ingenious way.

What Can Small Business Owners Do Now?

Small business owners must embrace technology. Social media and email are the best ways to stay in contact with customers. Some of them are relying on social media marketing tools to help them with handling their entire social media presence. Prior to COVID-19, analog companies could survive in a digital world. Those days are gone.

Small businesses must offer contactless payment tools and a way to order products and services online. Depending on the industry, an online presence may require a website and a full-blown digital strategy to survive. For other industries, a forceful presence on social media could be enough to keep customers and generate sales.

Small businesses must learn to compete on a global scale. With a brick-and-mortar store, your primary competition is other brick-and-mortar stores in the area. Online small businesses are competing with similar businesses around the globe. If a small business is getting online for the first time, they are behind the eight ball and will need to put forth the effort to play catch-up.

For small businesses, every dollar matters. If possible, try to renegotiate with vendors, landlords, and suppliers. Small businesses need to talk to their finance companies about refinancing debt. They may need to reconsider their operating hours. Would it be beneficial to only open during high traffic hours to reduce utility use?

It is important to concentrate efforts on the best profit opportunities. Instead of trying to offer everything to everyone, small business owners will need to identify the products and services they offer which are the most valuable. They will need to eliminate everything else.

It is imperative that small business owners understand what their customers want. Loyal customers will be your business’s best advocates.

There is no guarantee how long the COVID-19 pandemic will cast a shadow over the world. What is guaranteed is that the way small businesses operate has changed forever. Now is the time for adapting. The only small businesses that will survive are those which evolve to meet the change.

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