The Census Bureau has pegged the number of Black-owned businesses to an estimate of about 2.5 million in the United States. And with the adverse of the pandemic, Covid-19, about 41 percent of these businesses has been affected, according to a research at the University of California, Santa Cruz, and a report by the National Bureau of Economic Research. This implies that many more businesses might even get affected in the course of time.
This situation raises the question of what Black-owned businesses must do to survive Covid-19. A lot of solutions have been proffered by several researchers. However, what remains worrisome is the practicability of these proposed solutions. It is therefore necessary that if a paradigm shift from status quo is expected, a lot of factors are needed to be put in place.
Detailed below are some actions Black-owned businesses must put in place to survive;
Stay Creative
The pandemic has had huge negative impact on the market. To sustain its effects, it is important that Black business owners get more creative about how they go about their businesses. It’s no longer business as usual. You cannot afford to keep doing the same thing if you want different results. How to leverage the opportunities that comes with the pandemic should be something to ponder on. There is a need to tweak the business models used for productivity to be actualized.
Find Local Solutions
It’s important for Black-owned businesses to look for community solutions to stay afloat during this period. At this point, all hands must be on deck to address local challenges affecting businesses. Recent reports have pointed out that most Black-owned businesses have benefited from community organizations to stay in business. All Black-owned business owners should take advantage of this.
Write their Representatives
The blunt truth is that there are a whole lot of laws and regulations that are actually affecting Black-owned businesses at the national, state and local levels. It is necessary that business owners write their representatives to help push laws that would eradicate barriers to these Black-owned businesses. For instance, not all Black-owned businesses are unable to benefit from the stimulus package provided by the government due to stringent policies.
Support other Black-Owned Businesses
Giving necessary support to all Black-owned businesses would also boost productivity during this pandemic. Business owners can leverage the solidarity received from consumers and their counterparts in amassing massive sales. While it might be difficult to overcome the challenges currently faced during this pandemic, showing support for other businesses would spur patronage from the black community.
Willing to Embrace Change
With the pandemic, it is important that Black-owned businesses learn how to adapt to the new normal. This involves use of media and technological solutions to push their businesses. Of course, many of these businesses might find it hard to go online as a result of their nature. However, this can still be creatively carried out.
Black owned businesses would find it easy surviving Covid-19 if the aforementioned actions are carefully carried out. However, business owners have to be intentional about these actions.
