Shuttered businesses are realizing that lifting lockdown restrictions doesn’t mean a return to business as usual. Social distancing guidelines and a public wary of venturing into crowded environments means light customer traffic for many businesses.
Here are several ideas to help local businesses financially as they reopen their doors:
- Continue buying gift cards. For many small businesses, positive cash flow is the primary factor in whether they survive this economic downturn. Buying gift cards is a great way to get them the cash they need now, while still providing value for yourself down the road. Even better, if you are in a position to do so, consider giving a gift card to a friend who’s negatively been affected financially. Also consider donating gift cards to schools, churches or non-profit organizations. Just remember to keep your receipts so you can potentially claim a tax deduction!
- Tip more than usual. Of all industries impacted by the economic downturn, the leisure and hospitality industry is being hit the hardest. On top of the millions of workers in this industry that have filed for unemployment, even more have had their hours scaled back. When you order takeout or pay for a service, consider tipping more than you normally would. It may not seem like much, but every extra dollar helps.
- Shop online locally. The prices you pay might be higher, but when you add the property taxes, local employment taxes and donations to school events that local businesses fund, the added costs are worth it. Also, with many retail shops restricted to limited foot traffic because of social distancing guidelines, online sales are currently a significant source of revenue for many small businesses.
- Write a review. Reviews left on Google, Yelp, and other sites are a major source of new customers for local businesses and restaurants. Take the time to leave a positive review for each of your favorite local businesses so new, potential customers can find them.
- Offer your services. With the change in spending habits, businesses are forced to adapt. If you have skills and knowledge that could help a small business make the transition, consider donating some of your time. Some examples include web development, marketing strategies, cash flow management and budgeting.
