You’ve no doubt heard the phrase, “We’re in this together.”
You may’ve also heard the dubious reply, “Are we though?”
That’s because not everyone’s faring the same during the COVID-19 crisis.
- Some are working from home, receiving the same paycheques. Perhaps not optimal, but relatively secure.
- Others are required to put themselves and their loved ones at risk to provide services for the rest of us. And for some, like grocery store clerks and delivery people, wages remain rock bottom.
- Still others are unable to earn a living at all because their workplace is curtailed or closed.
In Canada, this last group largely represents small businesses, on which our economy depends.
- Almost 98 percent of businesses are small.
- Small businesses employ about 8.5 million people, or 70 percent of the private sector workforce.
- Small businesses make up 40 percent of GDP.
In order to avoid sky-high unemployment, mass bankruptcies, and deep economic crisis, we need to support small business now and as recovery unfolds.
Appropriately, government is offering significant loans and subsidies.
Individual consumers are asked to ‘buy local’ – not always easy when main street shops are shut.
So what of the role of big business?
After all, big business benefits from a stable operating environment supported by a thriving small business sector made up of loyal customers.
Here are a few ways to bolster a big brand by strengthening the bond with small business:
- Maximize local content in supply chains and share success stories
- Provide free or low-cost services to small business customers
- Offer financing, loans and relief funds
- Advertise in support of small business
Take a look at what Amex and some other large businesses are doing to support small businesses, and let’s show them we’re in this together.