My thoughts about supporting small businesses in a time of fear and uncertainty

My thoughts about supporting small businesses in a time of fear and uncertainty

I had COVID-19. And so did my two young daughters. So, I understand the fear of catching the virus, as well as the panic of it taking a turn for the worst

Although we all have the antibodies, no-one is sure exactly what this means and so we continue to take all of the precautionary measures that are being recommended. This in itself is a minefield, as each country has its own challenges and safety protocols that can change weekly, and at the drop of a hat. Whatever precautions we take, we know that we should do so in order to help conquer this pandemic together. Self isolating, quarantining, wearing masks, social distancing, all things that we must do in order to protect ourselves, our loved ones, and the wider society in which we live.

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After months of lockdown, quite understandably, many of us are now very apprehensive to continue on with our lives in the new normal way. The economy has started to open up in many countries, with businesses following government protocols for hygiene and social distancing. We are now able to go to restaurants, shops, gyms and cinemas (depending on which country you are in). I think we all have our personal views on which of these places we would feel comfortable to go to. However, if we do none of it, small businesses will not be able to survive. Whilst I think we all have a responsibility to keep ourselves and society safe, I also think, where possible (depending on one's underlying health, or where one is based as the situation might be very different there), it is important to support businesses again, and to start using their services.

I can see so many businesses opening their doors, yet remaining empty. Things are so bad in many countries, particularly where the economy relies on tourism, that countries have to come up with creative ways to bolster their economies. Take Barbados, where they have invited remote workers to live on the island for a year, in order to attract people to the country. Since then Bermuda, Estonia and Georgia have followed suit.

Of course, I would not condone being in a crowded area with no safety precautions in place, but businesses have been given various safety procedures by the government that they must adhere to, in order to keep people as safe as they can be in this situation. I wonder....shouldn't we put a little more trust into the safety procedures that businesses are taking, along with our own sensible behaviour of course?

Businesses will not be able to sustain this type of revenue loss forever. At what point do we learn to live in this new normal? Or do we wait for a vaccine that could take quite some time to develop, as well as years to distribute to the global population?

What businesses have you missed most during the pandemic? Have you been supporting small businesses and do you feel safe doing so?


Benjamin Stark, CFP?

Helping Families Plan for a Stress-Free and Comfortable Retirement

4 年

I really miss going to restaurants! I try to get delivery or take out at least once a week to help support them. I always worked as a waiter or bus boy in high school/college so I empathize with them completely. What businesses do you miss, Natalie?

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Victoria Sehgal

Managing Partner Peyton Ames | ex VP Talent Rocket Internet/GFC | ex JPM investment banker|

4 年

Small business needs to adapt to the current crisis, and the government needs to do more in offering financial support. Have a restaurant or store? Get on UberEats or Doordash or Amazon or Instacart. We as consumers will support you by ordering online. The government in turn needs to offer grants, loans, and rent assistance. The solution is not to encourage others to support small business by going outside or travelling. Safety measures in hindsight have been proven ineffective and revised over and over again so it is wise to take all with a grain of salt.

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