The current global catastrophe has forced businesses to close, causing unemployment rates to shoot up to the millions. As small businesses continue to suffer the most from the effects of this unprecedented crisis, it’s becoming more important to help out other business owners who are having difficulties keeping their heads above water.
Here are a few ways you can lend a hand to your fellow entrepreneurs during these tough times.
Offer your knowledge to help businesses
Struggling businesses could use your knowledge and expertise to improve their own operations. Whether your talents lie in website development or franchise marketing services, you may want to consider volunteering your skills for free to help those who need it most. If you don’t have enough time and aren’t in a position to donate your skills without compensation, you can simply host an informative webinar or answer business questions via social media or email to help out.
Hire small businesses as consultants
Even if you’re an established company, many small businesses have something to offer you in terms of business knowledge. Try hiring them on as part-time or temporary consultants to help you improve your own business operations with their own fresh perspective and new ideas.
Be more forgiving about payment deadlines
If your business supplies materials or services to a small business, you most likely have scheduled payment terms in place. As small businesses have basically had their income streams stalled or slashed in half, they’re understandably having a much harder time scrounging up the money to pay up. While you can’t completely rid them of their debts to you, what you can do to help them out is extend your payment deadlines and give them more time to come up with the money to pay you for your services.
Advertise other businesses on your social media
Make good use of your audience by sharing your platform with other small businesses. Follow other small business’ social media accounts and boost their posts and pages on your own accounts. You can also make a curated list of struggling businesses that need your help and share them with your followers to make them much easier to find.
Patronize the products and services of small businesses
Do you need anything done around the office? Are you in need of a certain product either for business or personal use? Don’t hesitate to look towards a small business to get the job done. You should also encourage your employees to do the same. Whether you need new office supplies or if you need to get a certain appliance repaired, there’s bound to be a small business that can satisfy your needs.
Offer free access to your product or service
On the occasion that you’re in a financially stable position, consider offering your products or services for free to a certain group of people like front line workers, homeless individuals, senior citizens, or educators or certain struggling businesses in your neighborhood. If you can’t afford to give out your products or services for free, offering discounts to these groups and individuals is still a great way to help out.
The global crisis has upended everyone’s way of life. Among those most affected by these new circumstances are small business owners who have had their only source of income jeopardized. Here’s how you can step up and help out your fellow entrepreneurs see through these unprecedented times.