As the economy slowly re-opens, small businesses can finally welcome back customers and staff under strict safety guidelines. It will take a while for them to get back on solid financial footing. To do so, it will take a great deal of support from both consumers and financial institutions.
Patricia Alexander, Comerica Bank Vice President, Business Banking, makes the impact of small businesses on the economy very clear, calling them “the engine of economy,” generating a big chunk economic activity and warning many of them will not re-open their doors due to financial distress.
While the challenge is tough, consumers can provide some real lifelines to help ensure as many small businesses as possible can stay afloat, revive and thrive.
Here are five ways Alexander says consumers should support small businesses:
1. Quite simply, buy their products and services to provide the cashflow they need to operate.
In Alexander’s words, “To help these businesses, consumers should aggressively patronize them.”
2. Post positive reviews on social media.
“We need to have a sense of urgency. We need to talk them up,” said Alexander. “People need to see if it is safe to go out again.”
3. Be patient with the challenges of re-starting a business and the operational changes needed to follow new safety guidelines.
This is a new normal.
And – while at it – follow in observing the new guidelines/protocols.
4. Take the initiative to seek them out.
“Organizations like the Michigan Minority Supplier Development Council, and the National Business League are a few resources that can help consumers locate these critical businesses,” Alexander advises.
5. It’s not just enough to occasionally patronize small businesses; constantly support them.
“Consumers need to renew and reaffirm their commitment to small businesses,” said Alexander. That means becoming regular customers or patrons, providing a reliable income for small business operators that will help them rebuild their operations.
