There’s no doubt the coronavirus pandemic has drastically affected the economy. With millions losing their jobs, the unemployment rate has surpassed that of The Great Depression. Because of social distancing mandates, businesses may have opened but customers are still encouraged to stay home.
A survey done in the time of heightened lockdowns and quarantine found that there are at least four overarching themes with regard to the state of small businesses in the global pandemic:
- mass layoffs and closures;
- possibilities of closure, depending on the length of the crisis;
- lack of emergency funds; and
- problems accessing the benefits of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Because of this economic interruption, a huge number of small businesses are facing bankruptcy. To lessen the load and the dangers of this problem, seeking a bankruptcy lawyer is a great help in keeping potential debts at a minimum. With their help, the business can avoid more headaches from creditors, seizure of assets, lawsuits, etc. Filing for bankruptcy has the power to stop garnishments and negotiate a plan that will pay off debts in 3 to 5 years.
Other than that, for businesses that are determined to stay afloat in these distressing time, here are important factors that can help with increasing sales:
Understand the importance of social media
The coronavirus pandemic has not only disrupted the economy but also brought about shifts in marketing strategies. People’s screen time has increased in the duration of quarantine, so more and more people have sought social media.
Social media practices
According to a survey conducted in early May, 51% of respondents found that their social media usage has increased during the pandemic. Taking advantage of the growing numbers can also increase brand visibility as well as effectively reach out to the community in these challenging times.
It’s important to know the best times to post on social media to receive peak organic reach. According to Sprout Social, the following are the active times for consumer goods across social media platforms:
- Facebook: Wednesday at 1 p.m. and Friday at 11 a.m.
- Instagram: Wednesday at 3 p.m.
- Twitter: Sunday at 11 a.m.
The audience would also appreciate it if the context of the posts coincides with the current state of society. Including resources and recognition of the pandemic raises awareness within customers. For example, how does the business cope with the new normal (e.g. changes in hours, mask policies, and social distancing)?
Delivery services and take-out options
One way to retain services during the time of social distancing is by providing delivery services and take-out options. A March 2020 survey found that 41.7% of respondents are most likely to seek online food delivery services. In the United States, the top three delivery services are Amazon, DoorDash, and Uber Eats.
SARS-COV-2 is spread through physical contact from one individual to another. Therefore, there is not enough evidence of the risk of contracting the virus from food. This is why contactless delivery is essential–to eliminate the risk of interacting with other people. As long as people wash their hands and disinfect properly before eating, the risk continues to be at a minimum.
Small businesses are essential to the community. They also comprise a huge chunk of the private sector, so saving them is crucial for the economy.