What Small Businesses Need to Survive the Coronavirus Crisis
As local and state governments issue shelter-in-place orders, asking residents to remain home for all but essential errands, businesses — especially small local businesses — across the U.S. are facing difficult decisions. These institutions are crucial to our nation’s economy, employing 58.9 million people in the United States, or about 47.5% of the total private sector workforce. Their GDP contribution measured $5.9 trillion in 2014, the most recent year for which small business GDP data is available.
My company, FASTSIGNS International, is included in these measures. We are a franchise brand with individual units owned and operated by local entrepreneurs. Businesses like ours support other businesses and organizations by providing signage and visual graphics for conferences, trade shows, events, point of purchase displays, and promotional advertisements. Suddenly — but understandably — demand for these services has dropped. Our business isn’t alone. I am also the chair of the International Franchise Association, and in the past weeks I’ve watched the small businesses that make up the franchise industry struggle with dwindling sales due to this unforeseen economic crisis.
It’s important that small businesses across America weather the pandemic. They — we— are vital to the nation’s economy. But in such an incredible crisis, how? Here are three ways entrepreneurs can protect themselves.
1. Secure Liquidity
2. Ensure Access to Capital
3. Engage with Policy-makers