It’s 2020 and small businesses across the country are struggling.
Most cities have been sheltering-in-place for at least 3 months now and according to a recent survey by the National Federation of Independent Business (N.F.I.B.), 92% of small businesses have been hurt by the pandemic, while half reported they estimate not being able to continue operating under current conditions for more than two months.
Some business owners may have seen a light at the end of the tunnel when governors began announcing plans to open up restaurants, but that image is starting to quickly crumble as infection/death rates are rising exponentially again… *facepalm*
I came across this article in the New York Times that shares some learnings from the 2008 recession that small businesses & bakeries can re-purpose today in 2020.
Collaborate with other small businesses in your area and support each other. Work together to start initiatives that can help cap delivery fees, secure rent, and spread relief programs.
Keep costs low by minimizing product offerings. Be flexible with your operational structure and keep your customer’s needs top of mind. Understand what you do well and zero in on that. Do less and do it better.
Be patient. Even after the market stabilizes, it can take months or years for things to get back to normal. Adapt and remind yourself that you’re in it for the long game.
The article also features insights from the co-founders of Levain Bakery, an amazing store in New York with delicious cookies and fresh-baked bread.
Check out the full article here.
