To survive and thrive, it is time for the small business owners to change the way they do business. If you are not online, you are not making any money.
While we all know that keeping small businesses afloat is the key to keeping the coming recession as shallow as possible, all over the world, small business economy is in a state of deep crisis. Everyday, we are hearing story after story of small business owners unable to get loans or worried the processing time will take too long to keep their businesses running.
And there are these horror stories: The owner of a pizzeria telling us he would like to keep his employees on the job but was refused a loan through the the governmental program by his bank because it had little financial incentive to participate; another small business supporting nonprofits being refused a loan because it did not have a current loan with that bank and so on.
In North America, the smallest businesses most in need, particularly those in immigrant communities and communities of color, are being frozen out by bigger businesses, especially those with established bank relationships. What is even worst, banks are complaining, too. They worry about legal liability as expectations mount to make loans quickly and counteract fraud.
Yes, times are tough, but let’s not pretend it is anything like 1929. Hundreds of thousands of people and businesses went bankrupt during the Great Depression. Almost everyone was hungry much of the time. It was a nightmare in people’s lives that lasted for over ten years.
In North America, businesses are largely being directed to take on more debt to cover the bills, a daunting prospect when mandated industry closings and physical distancing guidelines show no sign of easing. Furthermore, there is a huge number of businesses that do not want to take on additional debt at this time. Many business owners are unsure whether they are to survive or ever going to reopen.”
While the global crisis over the coronavirus has resulted in governments deliberately shutting down much of their economy and throwing millions of people out of work, there is still hope for the small businesses showing creativity. For these small business owners showing creativity and initiative, the coronavirus crisis represents nothing else than a business opportunity, an open door to the future, a new way to do business.
If today and tomorrow you are not online, you are not and will not be making money. You are now, and in the aftermath of the coronavirus crisis, losing and will be losing money.
JMD Systemics is here to help you.
Michel Ouellette / Joseph Michael Dennis,is a former attorney, a Trial Scientist, a Crisis & Reputation Management Expert, a Public Affairs & Corporate Communications Specialist, a Warrior for Common Sense and Free Speech.