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5 things business owners can feel optimistic about despite Covid-19

Covid-19 resources

5 things business owners can feel optimistic about despite Covid-19

Keep reading to learn more about the five things business owners can feel optimistic about despite Covid-19.

17 July 2020 · 8 min read

Every day, news comes in across the nation about businesses of all sizes struggling to survive during the Covid-19 crisis. The economy is uncertain, and most people aren’t spending the money they were before the pandemic, leaving businesses in the lurch. But it’s not all bad news, we promise!

The economy is opening back up, one small step at a time. As a business owner, you’ve faced new challenges and learned new skills. When all seemed lost, the internet provided a much-needed lifeline, and your community reached out to offer their support.

Keep reading to learn more about the five things business owners can feel optimistic about despite Covid-19.

1. The economy is opening back up

The economy is slowly reopening, and businesses are beginning to engage with their communities in a more traditional sense once again.

Despite unemployment rates dipping to levels previously not seen since the Great Depression, it was reported in May that job rates actually increased. This is a surprise to many, and great news for businesses. Maybe your own company had a hand in hiring those who had previously lost their jobs due to Covid-related layoffs. Either way, as consumers build up their finances once again, they’ll be ready to spend money at businesses like yours.

Not only are unemployment rates unexpectedly down, but consumer confidence began to rise in May as well, the first increase in two months. This tells us that consumers are indeed getting geared up to spend again.

The power of the consumer is something we can’t overstate. Once people feel safe enough to enter their communities and dine out and shop like they used, or as close to as they used while implementing social distancing, they will. This will increase profits for companies everywhere.

More than anything, people want to safely get back to normal. Consumers want to be able to get out and shop and dine. They also want to take care of all the things that have been put on hold for social distancing – take that vacation, buy a new vehicle, renew a driver’s license, etc.

While the desire to do these things doesn’t go away, individuals and businesses must follow the phase-in periods and protocols designed to keep us all safe. With the rise of consumer confidence comes increased spending, whether in-person or through online vendors. These are strong indicators that businesses will start to see revenue soon.

What will the post-Covid-19 economy look like?

Economists are still debating on how a post-Covid economy will bounce back. Will it be a Z-Shaped recovery, where shopping, dining out, and other consumption habits are simply delayed and poised for a major comeback? Or is a less-than-optimistic L-Shaped recover model more accurate, with coronavirus having a lasting impact on GDP?

Many economists have also suggested that the hit on the economy will not be as bad as initially anticipated. There will be no quick fix in sight for the economy or business owners, but the best you can do is to make your business more accessible in this new world.

Though we will all feel the effects of the Covid-19 crisis on our personal and professional lives for a long time, it’s good to keep in mind that there is a light at the end of the tunnel. The economy is opening up again after being nearly slammed shut by the coronavirus. Increased stability is sure to follow.

2. Resilience and flexibility are key

Think of everything you’ve had to go through to keep your business up and running these last few months. Even just one year ago, do you think it would have been possible to see the light at the end of the tunnel, knowing what we know now?

Probably not. The pandemic has taken us to places we never thought imaginable. But in reality, you’re doing it — persisting against the odds.

You’ve been resilient. You have undergone one of the worst economic downturns a business can face and have kept pushing through barriers.

You’ve been flexible. When the whole world changed seemingly overnight, you didn’t throw up your hands and walk away. You’ve considered the current state of affairs, explored new avenues, and adapted to suit the new needs of your customers and your business.

Resilience and flexibility have been key resources for business owners during the pandemic. Things that were once normal have been taken away and may never return. You have been resilient and discovering ways to cope with a new world. You have responded to changes and been flexible enough to adapt to whatever ends up working for you.

It is up to business owners to set an example and create a resilient business model that will serve you, your business, your associates, and ultimately, your customers. A resilient business model asks you to be proactive during three stages of a crisis like we are facing with Covid-19: respond, recover, thrive.

While you may see a return to some normalcy after the dust has cleared, the resilience and flexibility you’ve demonstrated now will continue to pay off. Your business cannot thrive without you being proactive and responding to the change around you.

3. The internet lends a hand and an ear

One of the positive outcomes to come from Covid-19 is the love businesses are feeling from internet users everywhere.

The internet has become a soundboard for all things coronavirus. We read the latest news feeds about statistics and updates and share our stories on how we have been personally affected, often with complete strangers.

Businesses have been able to share their struggles in real time via social media and on their websites. In many ways, the internet has been a lifeline to businesses throughout the pandemic.

Stores that have originally depended on traditional brick-and-mortar shops to sell their goods have had to make do with ecommerce. Restaurants and bars that once flourished during lunch hours, nightly dinners, and weekend gatherings now rely on delivery apps to feed their communities. Real estate companies have moved viewings of apartments, homes, and commercial buildings to digital platforms, relying on photos and videos to show off their vacant properties.

The internet has made it possible for many businesses to stay afloat, even when struggles are still very real. And businesses have had to adapt to make ends meet. Luckily there has been a willing market glad to help their local and national businesses.

4. Communities show they care

Possibly the most heartening aspect of the Covid-19 crisis is that communities have worked to save their local businesses, particularly small businesses.

Despite perhaps not knowing where their own paychecks will come from and what their financial future entails, people have reached out and made it a point to shop from their favorite local businesses. As a business owner, that is something to be proud of and something to keep smiling about.

Record numbers of people are relying on online shopping for the first time ever. And many people use delivery apps to have their favorite foods and drinks delivered from their local eateries. Consumers are even taking advantage of digital outposts of their beloved local movie theaters and bookstores.

Odds are, you formed a loyal customer base before the pandemic, and customers continue to rely on you and your brand for your goods and services. This speaks volumes about your business savvy and people skills!

Be sure to harness the positivity others are showing to your business and continue to make strides in your community. This can ensure long-term success and cement your business as a staple in the community.

5. Businesses are helping other businesses

Another positive outcome from the economic fallout of Covid-19 is that businesses have banded together to help one another survive.

You may have heard that many companies are reaching out and donating goods, services, and money to local hospitals, educational institutions, and frontline workers during the pandemic. Perhaps your own business has done the same.

Encouragingly, businesses are offering free services to other businesses to help them stay afloat. At B12, we created a Covid-19 Small Business Support Directory to do just that. Most of our clients are small businesses and we know how difficult it can be to keep a business afloat in normal times. During Covid, it has become almost impossible.

For this directory, we’ve collected resources from across the web to help SMB owners during these uncertain times. Resources include loans from government agencies, grants from corporations, free tools offered by startups, and free online courses. There are dozens of resources available to small businesses, and we hope the directory is helpful.

If you’re curious about what B12 can offer your business during the pandemic and beyond, reach out to us. While you’re here, check out the rest of our Resource Center for tips on website design, traffic generation, and much more.

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