At present, the world is still under the global threat from the coronavirus. This threat though, not in the form of artillery and armor, and has almost an equal impact on the globe. Every country at present feels the impact of, what seems to be a never-ending virus. This has affected a large number of businesses as most have been made to shut down.
Businesses, on both large and small scale, are of vital importance to the growth, development, and sustenance of a country’s economic system, and their importance could not be overemphasized. Large scale businesses are known to be at the forefront, and in their names, transactions are made, but little is known of the backbone which helps these companies. The backbone of a large scale business is a small scale business. Many large businesses are in affiliation with small scale businesses which helps them in the production, transportation, and distribution of many of their products. These small scale businesses also have great impacts on a country’s economy.
Below are some of the ways that small scale businesses positively affect the economy:
Small scale businesses serve as great sources of employment to a lot of people in a system, thereby allowing them to be able to fend for themselves.
2. Reduction in Criminal Activities
Due to job provision created by small scale businesses, people learning and growing in different sectors of work, could have the opportunity to get busy, learn, and develop in their various fields. This helps them to have a sense of satisfaction and a means by which to provide for themselves, which helps with the curbing of the crime rate, which is largely caused by poverty.
There are various forms of small scale business, from transportation down to specialized equipment production. By this means of specialization by small scale businesses, they serve as sources of great help to large scale businesses by helping to lift burdens, which results in better focus by large scale businesses. We could conclude by saying the relationship between the small scale businesses and large scale businesses are intertwined as they also help in their development by being customers.
4. Overall economic development
It is also known that the large scale businesses didn’t develop overnight, but instead from a small scale. As time goes on, these small scale businesses go on into expanding and becoming large scale businesses. Bringing new investors to the economy, and providing even more jobs, creating an atmosphere for economic stability and growth. Etc.
Those are some of the means by which small business helps in the economy of a country. Due to the ravaging pandemic, many small businesses have been forced to shut down, and many more are being moved to the brink of getting closed.
If measures are not taken to reopen these small-scale businesses, we could expect the following.
Consequences of Not Reopening
- An increase in unemployment. Due to businesses going out of commission, employers would have no choice but to let go of its employees. If this is allowed to take place, the number of unemployed civilians who cannot fend for themselves could double or even triple the present number.
- An increase in the crime rate. Due to the increase in unemployment, civilians could be moved to the option of crime. This, in effect, would be detrimental to the development of a country.
- An under function of large scale business and worst of all a tragic decrease in the economic standard of the country.
Many large scale businesses depend on these small scale businesses to carry out various activities for them. It will be of a tremendous disadvantage to the large business if its trusted supplier becomes forced to shut down operations. This will inevitably cause an under function of the large scale businesses. If this persists to a major portion of the economy’s large scale business sector, it will have a negative influence on the economy.
As we all know, with business, a reopening is just the first phase. If the business is going to be reopened under the situation of the pandemic, then certain steps would have to be carried out for optimal functioning of the business and a reduction in the risk of contraction.
Steps that could be followed for the reduced risk of contraction includes.
Reducing Risk of Spreading Coronavirus
- The constant use of a face mask.
- The availability of washing stations/ sanitizers.
- For the proper implementation of the social gathering rule, the ability to reach the target population at the due time would also be needed.
After this has been done, we need to take into consideration the means by which these small scale businesses could begin to function optimally. We know some of these businesses have been shut down for a little while, so it will take something extra to bring them back fully, and one aspect is the reaching of customers: the old, new, and potential customers.
The business would not be the same without its customers and would literally have no aim. One of the means by which this gap could be breached is through the means of advertising.
Advertising comes in various packages. We have online advertising and offline advertising. With our present age and time, most forms of advertising go in electronic forms; as of today, the world has gone digital. Now adverts could be made easier by means of social media and platforms. There are various methods based on the type of prospective customers.
As we are in a world where people want to gain as much information as they can in so little time, below are some of the following ways by which adverts should be made.
How to Make Small Business Adverts
- Concise and straight to the point.
- They should be put in a creative manner to attract their types of customers.
Also, for an optimal reopening of small scale businesses, the government could assist in a little way by the cutting of taxes paid by their owners so as to allow these businesses to get into the race quicker.
If these means are carried out in addition to more carefully laid out plans, an economy should expect a stable flow in economic standards and even grow.