It is no news that the coronavirus crisis has disproportionately hurt small businesses. As top elected officials finally decide on how to provide financial relief for small businesses, and how much assistance the government will allocate to them, those who were most affected by the immediate economic and social effects of the Coronavirus have been black-owned businesses.
So how can black-owned businesses put their business in a more secure position to stay strong and recover faster once the crisis subsides? Martin Ekechukwu, a serial entrepreneur and Co-founder of WHTWRKS, a marketing company that works with small business brands and prepares them for international expansion and 10x growth, recommends these strategies to help black-owned businesses recover faster.
- Adapt quickly and furiously to survive. If you’re a restaurant owner who has been forced to closed, make sure you are well equipped for delivery services. Get a website up quickly or develop a partnership with another complimentary foodservice business to expand your offerings.
- If you’re a marketing and creative content company, modify your offerings to make it all about digital services, influencer content, or ideation. Figure out what costs you the least to do and do more of it. Ideation is the cheapest thing to do and sell – figure out how to bring a POV that is unique and sellable.
- Connect with your supportive community through technology. There are sites and apps dedicated to rallying around black-owned businesses during this crisis. For example, Offical Black Wall Street is a directory of Black-owned businesses across the globe created to encourage individuals to circulate money in the Black community. Also, Strivers Row project lists dozens of black-owned businesses in New York City.
- TAKE ADVANTAGE of the stimulus package. The new bill provides federally guaranteed loans to small businesses that pledge not to lay off their workers. The loans would be available during the emergency period and would be forgiven if businesses continue to pay workers for the duration of the crisis.
Additionally, on Tuesday, March 31st, from 12:00 pm – 1:00 pm (EST), Martin, alongside Fallon Ukpe (Zeal Capital Partners) and Owen May (MD Global Partners), will be hosting a free virtual fireside chat about what businesses can do to manage through the Coronavirus crisis.