It’s no secret that the past several months have been tough on small businesses in the United States. Many retail shops, restaurants, and entertainment venues have had to modify their models to adapt to social distancing, new regulations, and the public’s general wariness of being out and about. Although, as a financial advisor, I believe it is good practice to build up a six-month minimum safety net (in case things go awry, like they have), we have reached that six-month threshold and life is still not back to normal.

How then, can we help keep these small businesses afloat?

First of all, it’s worth mentioning that not every business has been negatively affected by the pandemic. Those which provide online services or ship their product directly to the consumer’s doorstep are likely doing fairly well. Aside from major players (FedEx, Amazon, GrubHub) who are thriving during the pandemic, smaller companies that sell exercise equipment, loungewear, cleaning supplies, or board games are also booming right now.

Many businesses, however, are not well-suited to a pandemic. Fine dining, for instance is difficult to sustain in an era when people are cooking at home or ordering takeout. Movie theaters, bowling alleys, and other entertainment venues have also been hard-hit. With so many of us working from home, hair and nail salons are also suffering.

If you care about the future of small businesses, what can you do?

1. List What You Love

Begin by making a list of the restaurants and venues you dearly love. Do you have a favorite Italian or Indian restaurant? A favorite local movie theater? A taproom? Put them on the list and pledge to support them.

2. Buy From Small Businesses

Get started by using your list of favorite businesses OR seeking new small businesses to support. Hop online and see what each business is offering. Do they provide takeout meals or beverages? Are they now selling products (books, games, etc.) online?

Many small businesses have pivoted to survive the pandemic. The Riverview Theater in Minneapolis, for instance, is now offering at-home movie rentals for an array of indie films. They’re also selling bags of popcorn outside of the theater every Thursday through Sunday. For a few dollars, you can bring the movie theater experience to your living room.

3. Get Social

Support small businesses by retweeting or sharing their social media posts. Spread the word about the innovative approaches and initiatives these small businesses are taking! Businesses have made some truly remarkable adaptations to stay afloat—everything from DIY pizza kits to online party packs for kids.

BONUS: If you’re stuck wondering which small businesses to support, try putting up a post on Facebook asking for recommendations. You might be surprised by how enthusiastic people can be about their neighborhood businesses.

4. Commit To Avoid the Big Guys

I know. It’s easy to log onto to Amazon and pick out precisely what you need. However, I’m sure you can purchase at least some of your products from local businesses. Commit to purchasing from independent book stores, spice shops, outdoor gears stores, coffee shops, etc. Your dollars WILL make a difference to the little guys. Together, we can help small businesses sail into 2021 and beyond…

 

 

Leave a Reply