Recent economic forecasts show that the COVID-19 crisis will result in a 2.4% decline in America’s gross domestic product. As businesses of all sizes start to feel the economic crunch brought on by this global pandemic, many entrepreneurs are trying to find the silver lining in this situation. One of the biggest trends that has come out of this global crisis is business owners finding unique ways to give back to their communities.
Not only will performing acts of kindness and charity help those around you, it can also show consumers your company’s generous side. Making it out through this crisis will require you to change the way you think about doing business in your community. Read below for some helpful tips on how to give back during the COVID-19 crisis.
1. Try to Help Other Local Businesses
There is no denying that smaller businesses are feeling the worst economic impacts of this crisis. Many states have ordered “non-essential” businesses to close their doors in an attempt to slow the spread of this virus. A number of the businesses that have closed their doors have started to offer their services/products exclusively online. One of the best ways to help other small businesses attempting to adjust to this reality is by investing in the goods/services they have to offer.
Reaching out to other small business owners in an attempt to set up a cross promotion is a good idea. With an effective cross promotion, you can increase your revenue while helping another business do the same. In these trying times, business owners have to stick together to avoid irreparable financial damage.
2. Make Sure Your Employees are Taken Care Of
Taking care of yourself and the employees who work for you starts with following the CDC guidelines on preventing the spread of COVID-19. Cleaning and disinfecting your physical storefront daily is crucial. If you have to layoff employees due to a lack of business, you need to do all you can to help them out financially. Whether this help comes in the form of small donations to lower-income employees or in providing paid vacation days, it is important to help loyal team members.
Showing your employees you genuinely care about their physical and financial well-being is a must. Doing this can help you keep these same employees loyal for years to come.
3. Focus Your Attention on People in Need
Another way to help people out during the COVID-19 crisis is by setting up virtual fundraisers. Websites like GoFundMe allow you to raise money for people who have been hit hard by COVID-19. Raising money for workers/business owners in need of financial help is crucial. Once you have an online fundraiser set up, promote it heavily on your business social media pages and website.
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