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Small Businesses and 2020

Posted: 19th June 2020 09:53
2020 has been a rough year for many businesses. Businesses have had to adapt to many economic, health, and socio-political changes. A growing number of businesses have even been forced to start bankruptcy proceedings.

Markets have been disrupted across the board and the costs of running a business have gone up. Many businesses are wondering where they are going to do now and if they can even stay open. The good news is there are many ways to creativity stay afloat right now.
 
Financing:
 
Especially for small locally owned businesses turning to your clients or customers for help is one option. This is especially useful if you have a close or long-lasting relationship with your community, clients, or customers and can make an appeal such as setting up a GoFundMe to help cover unexpected costs that have developed this year. Right now many customers are willing to help out organizations they feel connected to and already understand the larger context for why these organizations might be struggling. Another option is to consider looking into installment loans or other income streams. For these, you should think about how much financial support you need and for how long you are going to need the support. Every loan and every loan provider has different terms of service and reading the fine print is important so that you can pick the best option for your business. In addition, Businesses also have to think through how they can streamline their business right now such as how they can provide services in other contexts in order to maintain a viable income stream.
 
Creative Models:
 
2020 is a year where all businesses are having to think creatively about what services they provide and how they provide those services. For some businesses, this means taking their services online. While the online marketplace has been playing a growing role in business for years right now it is especially adaptable. You can promote sales, have conversations around important issues, or simply connect with larger markets. For other businesses, 2020 has meant changing the products that are being made altogether in order to better support its customers. Many organizations have moved to make masks and hand sanitizers as a way to capture this new market focused on health and safety. Finally sometimes creating partnerships is what is key. You may be able to join together for a paid level of software or meeting programs, or even equipment. 
 
Reevaluation:
 
2020 is forcing businesses to take a hard look at their own procedures and policies and make them more effective.

More and more businesses are learning that their employees can effectively work from home and are reconsidering how much real estate they really need. Businesses are also analyzing how they can build company loyalty for their employees and customers. Many are finding they have implicit bias around the ways that the business is able to function and if these assumptions are thought about a more diverse, welcoming, and effective business can be created. While as the saying goes the best time to have planted a tree was decades ago, the next best is starting today.
 
No matter what you are facing as a business during 2020 take a deep breath and don’t panic. There are ways to develop additional income streams. Businesses can get creative about the services and products they provide.

Businesses can also take this time to take a hard look at their own policies and find ways they can be more effective and build both customer and employee loyalty. 2020 has forced businesses to face a large number of challenges in a short period of time but 2020 has also provided an opportunity for businesses to become their best selves.