Over the last year and a half, not one industry or individual was immune to the impact of the coronavirus pandemic. Still, many communities continue to face the adversaries that came with these unprecedented times.
However, new beginnings are underway as the world reopens and companies, specifically small and medium businesses (SMBs), have to evaluate their next steps to minimize the damage that has already been done.
While many SMBs have been affected by the pandemic, not all of them have been affected equally. Facebook recently released the Global State of Small Business Report, which revealed that Latine-led SMBs in the United States have been one of the hardest hit when looking at closure rates and lost sales. According to the report, Latine-led SMBs had the highest rate of closures during the pandemic at 24 percent, eight percent higher than the national average.
To help SMBs tell their stories about what they’ve experienced during the pandemic and reach new customers, Facebook Elevate, a community and learning platform for Black, Latine & Hispanic SMBs gives them tips on the best way to start on their road to recovery. Facebook Elevate’s month-long celebration of Our Heritage Month puts businesses and organizations and the people who run them back into the community spotlight. Now is the time to elevate a company’s access, knowledge, and skillset and inspire other Latine business owners to do the same.
So, what should be an SMBs initial move? First, SMBs should leap forward and expand their business online. With many people still worried about spending too much time in public spaces, an SMB must have a business plan that includes a digital marketplace. Facebook Elevate offers a step-by-step guide for a free, personalized marketing plan to help Latine and Hispanic business owners build a digital marketing strategy and increase their visibility online.
Next, SMBs must share their story with customers to know who the owners are and understand why supporting their business is vital to the community. SMBs should let customers see the human behind the brand as it’ll add a personal element and incline them to support. They need to share those personal stories on social media platforms like Facebook and Instagram.
After publicizing their story, SMBs should start partnering with other SMBs and cross-promote each other. This move will help increase sales, especially if the businesses are not in the same industry. For example, if a Latine restaurant owner teamed up with the Latine owner of an art gallery, maybe they could figure out a way to get potential customers to visit both establishments in one evening.
Facebook Elevate isn’t throwing SMB owners into the deep end of the pool without giving them a life jacket. Elevate provides free training, resources, and courses to help small businesses grow. For those interested in finding resources, visit www.facebook.com/fbelevate. Facebook Elevate also has a group where SMBs can join a community of business owners and start supporting one another through digital marketing on social media.
Facebook Elevate group and learning platform was created to help Latine and Hispanic SMB owners grow their business by providing free digital marketing training and support from a Facebook mentor. With support from Remezcla, Facebook Elevate will launch Jefeando, a content platform that will highlight Latine-owned SMBs and give them the platform in celebration of their cultures, business, and communities they serve. Jefeando is a term that carries with it a “hustle mentality” and shows that anyone who takes on the responsibilities of a jefe (boss) will likely be the one to lead their SMB to reclaim their position with pride.