Corvid-19-6 Months in; What Have We Learned?


Published: October 21, 2020

How Small Businesses are surviving Corvid-19

The survival of Corvid-19 for small businesses is the trajectory of what we have learned to this point. We must now put that in perspective for our new normal and the planning of our economic existence. With the social distancing, wearing of masks and gloves, we see our customer base reluctant in contacting merchants of all sorts directly, and this will go on for the foreseeable future, or until a vaccine found, tested, manufactured, and distributed throughout the world. As entrepreneurs, this is what we do, take modified risks to call our opportunities, and build our American Dream; of operating our own business. There will be challenges that we all must face in the coming months that could go into years, but we must stay vigilant and maintain the course for we know what is at the end of the rainbow for us, our and the communities in which we serve.

Hence, finding new ways to do that what we have in the past will take new innovative ideas and the mastering of technology in this new digital frontier. The merging of the information age and digital transformation is something we must all come to view in the 21st century. Thus, if not mastered, and learned how to entwine it in our various businesses, then we as small business people will cease to exist, and open the door for another entrepreneur to come in and work that what we should have learned to work-digitalization in our business then we are doomed. Yes, we must stay observant of what is happening around us, with the cleaning and other areas that are needed to keep the virus at bay. Then, there is another indirect cost of a slower economy that merchants must deal with to stay in business; rent, utilities, and other functions that are needed to keep the doors open and operate our businesses.

The Entrepreneurial Sprit

We always find ways to compete against the odds and learn to adapt. Being agile, and leveraging of technology, and being innovative with our marketing strategies is necessary for our survival. As one who holds a Doctorate in Business Administration, with a focus on Entrepreneurship and Business Management, one of the things they teach you in business school, the various reason why businesses fail no matter how large you are. (1) Financing Obstacles (2) Inefficient Management, (3) No Business Plan, and (4) Marketing Catastrophes. As you know, running a business is a risky encounter, but the rewards are phenomenal. Small Business Administration states 20% of small business will fail with the first five years, another 50% with go out of business after 5-years, and only 33% will make it 10-years or more.

Now, these are the natural statistics that have nothing to do with Corvid-19 or the Pandemic. So, how much more must we do to stay vibrant and profitable not only today, but for tomorrow, and far into the future?

Electronic Funds Transfer (EFT)

https://www.payanywhere.com/hardware

As more of your customers seek how they can spend their money safely, without the risk of catching this deadly virus, the question is, will you be in the mix to get paid from your customers when they want to buy from you? I remember starting in this business in 1989. At that time, it was the moving of merchant from the paper-draft to that of electronic terminals. So, the merchant could be paid quicker over that of 30-days as if it were in the 80s and before. Now let’s spring forth into 2020.

With today’s technology, merchants can get paid whether or not they operate a brick-mortar operation, on the go, e-commerce, or anywhere people are and want to buy their goods and services they can get paid in seconds, and the money in their bank account ready for the next day’s business. Oh, by the way, did I mention the set-up is FREE? Let’s face it if you are going to stay in commerce; you need consistent sales at the time your customer wants to spend, for if they leave your site, they will take that money to your competitor. Now, where does that money look better, in your bank account or theirs?

Conclusion

The embracing of technology and harnessing of its powers to put more money in our bank accounts is not all bad in this Corvid-19 era. We at North American Bancard (NAB) emboldened the entrepreneurship spirit and developed software to go into our systems that would automate and save you money that could go directly into your bank account rather than the credit card processors; it is called Edge. What Edge would do is differentiate between cash payers and credit/debit payers and give you the merchant savings. That what you were paying as traditional credit card processing is now saving and not a debit to you. So give me a call (866) 400-3040, email me; donaldemitchell1@msn.com, and of course, we would love for you to go to our website; www.donaldemitchell.com, view our past blogs, and let me show you how our groundbreaking software can save you thousands of dollars annually that is better served in your business than others.

There is no cost to you as a merchant; this entire process is FREE to you, the merchant. The views of this blog are from Donald E. Mitchell solely, who is the founder, president, and CEO of Donald E. Mitchell Agency, Inc., which is a small business consulting, and marketing agency. You can follow him on Facebook and LinkedIn.