Small businesses in America have suffered tremendous havoc because of the coronavirus pandemic. The United States Chamber of Commerce has been on the fight to influence legislation that supports these small businesses for many months. But, this is not enough, it’s important to device more strategies and do much more in ensuring these businesses are resuscitated.
With the look of things, rebuilding small businesses will take longer time than envisaged. According to the Chambers of Commerce recent Pandemic Impact Poll, nearly 80 percent of the small businesses are still trying to recover from the impact of the virus, while the rest are afraid of closing permanently or closing again with a potential second lockdown looming.
With the efforts of the Chambers of Commerce, the U.S government has offered help to small businesses in various ways such as the following;
Making tax provisions simpler. When tax provisions are simplified, small businesses that are struggling will have more cash available.
Expansion of access to government financial assistance programs and loans. One of the practical ways to accomplish this is to grant local Chambers of Commerce more access to government financial programs. This is because the local Chambers of Commerce is the economic strength of local businesses.
Offering more financial assistance and aid to small businesses. No doubt, the U.S. government is doing a great job of giving financial assistance to small businesses. But, it needs to do more to help these businesses attain self-sustainability.
Steps that Small Businesses Can Adopt on Their Own to Bounce Back
While the government is doing its bit, business owners also need to adopt varieties of steps to speed up their recovery from the pandemic’s negative impacts. These steps are particularly cost-saving steps and approaches that boost sales such as the following;
- Outsourcing: The pandemic lockdown has proven that you really don’t need an office to get work done. More than ever before, businesses of various sizes and types should outsource more business functions to save costs. Offshore outsourcing is the best strategy to save more costs in these hard times.
- Automation: Task automation is another great way to accomplish more with less. You can automate most business tasks, which helps minimize costly errors and also reduce the number of humans you need to employ.
- Online Marketing: Not marketing your small business online is a grave mistake. You are definitely missing out on countless customers, hence huge potential income generation.
Indeed, all hands should be on deck in the fight against covid-19 and its impact on small businesses and the U.S. economy as a whole.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams