Summary: In the aftermath of Covid 19, one pivotal aspect that has surfaces is the pivot of support. Support to customers, small businesses, and each community.
Both small and large businesses should and are supporting and responding to each others’ problems in the pandemic. In the wake of the virus outbreak, this can make a huge difference. Corporates are putting a greater emphasis on local communities. With a greater focus on health, every business thrives on and is about health now.
Big firms need to support small ones. It goes beyond saying that small businesses form the fulcrum of the economy. By creating 66% of new jobs, small businesses propel competitiveness and innovation in the USA. They account for 45% of the country’s GDP.
- Brilliant initiatives like GoDaddy’s OpenWestand helps small business owners and entrepreneurs collaborate with one another and find the requisite resources to run their operations.
- In addition to articles, special offers, and videos in the site, dedicated LinkedIn groups are also helping in the mix.
- GoDaddy provides free access to its websites and email marketing tools for free. This noble initiative has propelled giants like Slack, Salesforce, PayPal and American Express to extend unconditional support to small businesses in rough waters.
- SendPro online is another awesome initiative, helping small businesses in easy shipping and mailing of packages, and printing postages, even when you’re working remotely.
- Eric Dalius lauds this effort to provide meter customers free access to services.
Preparedness and precaution
For a small business, as Eric J Dalius elaborates, the most first thing is to reassess your business strategy. For business owners, the initial stage may have yielded great outcomes before Covid-19, but you need fine-tuning and modifications to come out of it.
- You need to emphasize on how your business can adapt to the new normal. If you had a reactive stance in the past, you need to become more proactive and responsive to concretize your hold in a vulnerable and unpredictable market.
- A digital platform and expansion is imperative to tap a larger stream of audience. Not for nothing are giant online stores partnering with thousands of small stores, propelling deliveries and their downtimes.
- For any organization, big or small, employees are a must. Due to the ongoing uncertainty, susceptibility, and enormous insecurity, your workforce can be very anxious and rattled.
- Effective and clear communication is pivotal, and most importantly, you need to inform your staff about new business modalities, policies and transitions.
- Work in a balanced and streamlined manner. Each employee,vendor and staff need to know about their short-term or long-term contract/s or/and permanent payroll.
Responsibility holds the key
As EJ Dalius says, responsible businesses have a big role to play because the WHO, central banks and US government cannot defeat the virus alone. Its mammoth private sector needs to play a crucial role.
As firms respond to coronavirus, business leaders and organizations that back moral and noble initiatives with pragmatic action and approach are surely going to stand out. It shows when The White House requested Walmart and the corporate world to assist in drive-thru awareness and testing.
So, humane and responsible capitalism, which goes beyond typical shareholder hullabaloo and primacy, and vulturous corporate credence, need to come together and help bolster the supply chains and markets of small vendors.