The mounting economic damage caused by the pandemic has done the most harm to small businesses that include local businesses. The issue playing most on the minds of the people is whether the local businesses can survive this economic hit or crumble during the crisis. Will community leaders or big businesses come together to help them, or will they succumb to selfish benefits and rely solely on their own economic well-being? To satisfy any curiosity, we invite you to read this article.
Sourced through Scoop.it from: www.blackenterprise.com
The spread of Covid-19 throughout the world has battered businesses big and small. This human tragedy has had a growing impact on global economy, as businesses have taken a massive hit financially during this crisis. Thousands of workforce leaders have been forced to shut down their firms. Parks, universities and offices have all been made to shut down. These drastic measures had to be taken to slow down the spread of the virus, but it came with a series of unfortunate events.
Nearly one-third of companies have seen their sales decline as a result of COVID-19, according to a new survey from Statista. Financially, the road to recovery for bigger firms looks brighter than for smaller businesses which do not have the resources to survive this crisis and thus have a higher likelihood of collapsing.
During this period of uncertainty, a knee- jerk reaction coming from business leaders would be to look inwards towards their workforce and better their own situation. To our surprise, during this crisis people have taken a different approach and shifted from the “me” mentality to the “we” mentality. People have started reaching outwards towards the community to aid them instead of solely focussing on themselves.
Some of the largest tech firms have stepped up their efforts to deal with coronavirus and help to sustain local businesses. Amazon, an American multinational technology corporation, said it would contribute $5 million to small businesses located near their headquarters in Seattle due to the drop-in profits of these companies as a result of tech giant workers operating from their homes. Both Microsoft and Amazon are co-creators of the COVID-19 Response Campaign, targeting Washington’s hard-hit State. They have raised $2.5 million so far, along with other groups, including Alaska Airlines and the Starbucks Foundation. To read more on how big businesses have helped support local businesses, visit the World Economic Forum website.
During this time of great need, many communities are pulling together their resources to make a greater impact on society. New Jersey native Liz Bernich help support the front lines with FLAG, the Chatham and Madison Front-Line Appreciation Group. Liz, who is the director of the Chatham branch, collaborated with friend Gina McGuire to help those vulnerable healthcare workers get food and support. Just from the New Jersey chapters alone, over $300,000 has been raised. Through this they help benefit both local businesses and front-line staff. To read more about Liz and Gina’s role in supporting their community, visit the E! website.
Consumers are also a new aid with the consistent support which provides hope for these small local businesses. When limitations on non-essential businesses are withdrawn in their areas, a new survey paid for by Groupon and OnePoll completes, has proven a whopping 75 % of consumers are planning to reach out to small businesses extensively. Some 86 per cent of those surveyed reported to continue helping local businesses during the quarantine. The average American expects to spend nearly $100 a week on local businesses post-COVID-19, up 16 per cent from before the crisis. That could boost the local economy, where people live, and further assist small businesses. To find out more on the numerous ways consumers are reaching out to small businesses around them, read Black Enterprise website.
Learn how Star Pow-R is committed to helping people in their attempts to rebuild their local neighbourhoods by putting musicians, entrepreneurs and front-line staff together with local festival organisers to get the economy back on track. If you want to learn more about Star Pow-R, contact us at info(at)girlpow-r.com.