Are you a Survivor When it Comes to Corvid-19?


Published: September 29, 2020


courtesy of Detroit News

Fox 2 News has reported that some 25% of businesses in Oakland County, one the riches Counties in Michigan, will be lost due to Corvid-19. Much of this is due to the higher cost of business operation comparatively to other parts of the Metro Detroit area. For example, the typical rent for a restaurant in Oakland County is $3,000-$4,000 per month. Whereas, in other parts of the metro area, it could be about $1,500. The restaurant industry has shed some 156,000 jobs, with many workers not returning due to health reasons. Few employees, if any, can not find new jobs that would pay them the same as to what they have left, which cause other financial hardships.

Oakland County anticipated recovering quicker than most counties due to a higher educated population, which has many professionals and managerial workers who have an attractive standard of living and can weather the financial storm better than most. But what happens to the 25% that will never return? Those who can sell their businesses, while others will shut down and possibly retire and others will recreate themselves and get more specialized knowledge to compete in this digital world.

Business people are finding new ways to market themselves and their businesses to stay relevant in today’s business environment. And those who do not will find they must discontinue business activity due to the lack of transformation of digitalization in their respective businesses. Digital marketing is the way to-go over traditional marketing concepts. Nevertheless, we, as entrepreneurs, always find ways to survive.

Minority Businesses Hit The Hardest

It is known that minority businesses are hit the hardest due to disproportionate income opportunities to build wealth. Few small companies received any money from the PPP. Due to the lack of understanding of the paperwork, or the granting of the proceeds in itself. All across the country, minority businesses are twice as likely not to receive proceeds from the Federal Government, thus come from the Federal Reserve Bank of New York. The Brooking Institute report that many firms in Detroit have depended on grants from nonprofit, private, philanthropic groups has helped small businesses stay afloat through paying rent and utilities and other necessary expenditures.

The Brookings Institute says that this program can work across the nation, but the public organizations need to be more active in assisting minority businesses. So the question of how do you get underserved-communities to get more funds as other organizations around the nation? Kenneth L. Harris of the National Business League, who is also its national president and CEO. Harris states there are some 60,000 small businesses in Detroit, and some 49,000 are minority-owned, according to the 2012 Census.

Small business ownership is the pathway to economic viability and self-sufficiency and brings great pride in being an entrepreneur. Building a small business develops satisfaction and income, and wealth over time. Nevertheless, no matter what side of the fence one is on, entrepreneurship is the building block to economies worldwide and one of the most popular courses in Colleges and Universities.

In Closing

As entrepreneurs, we have never been through a Pandemic before, and have caused us to redevelop our marketing plans. Thus, with the understanding of the digital transformation of our various businesses into the 21st century. Therefore, the Pandemic can be looked at as a blessing, to slow us down to view things right in front of us. For example, the internet came about to a ubiquitous state in the middle 90s and is the engine that drives today’s technology. For example, Google, Facebook, Microsoft, and other cloud-based applications were not around in the 90s.

So because of these earlier breakthroughs, we are better able to fight off this Pandemic through business technology than not. And a better chance of survival, and finding a way through technology, and the entrepreneurial spirit back to growth and profitability. So if you are having issues in making this transformation of digital marketing in the 21st century, then contact me at https://www.donaldemitchell.com/contact-us/.
Donald E. Mitchell, D.B.A., M.B.A., B.B.A.