When people think of Noble County, Indiana's economy, many think of the robust manufacturing sector. Industrial employers are a huge and significant contributor to our local economy, no doubt. But did you know that 80% of the establishments in Noble County are made up of self-employed people or companies that employ fewer than 10 people?
Small businesses are not only a major contributor to our local economy, they help shape our quality of life, and way of life. During the COVID-19 pandemic, SHOPNoble and development partners across the county have been working for small businesses, while supporting our industrial partners. With information overload on a daily basis, it may be difficult to decide which way to turn. That's why we're offering these 3 Tips for Noble County's small businesses. After all, we are #INthistogether!
1. Talk to your insurance agent
While we in no way mean to suggest there are savings to be had, we have seen enough information flowing to suggest that it makes sense to consult with insurance agents to see if there are any opportunities to revise coverage and cut costs, at least during the short-term. If you use vehicles in business normally that are now parked, why pay for full coverage? If you have had losses in revenue, might premiums go down on your commercial policy? These are only a couple of examples. We're sure your agent is ready to help you explore all similar options and possibilities.
2. Let your fans help you
Consider launching a GoFundME Small Business Relief fund raiser to allow your loyal customers an opportunity to express their gratitude for bringing some of their favorite goods and services into their lives. Not everyone has been impacted negatively during COVID-19 and many citizens want to give back to help those in need. Check out some of the companies already fundraising and get inspired! You may also apply for a GoFundME matching grant!
3. Learn something new for the future
It is tempting, and easy, to sit back during this pandemic and wait to see what happens next. Almost no one wants to see the current economic situation continue. Optimism says it will be over soon and we'll get back to "normal". That may be, but it seems more likely, according to most experts, that recovery will take some time. We recommend taking time now, while you can, to learn something new to set your business up to be even on the other side of this. Maybe that's launching a website. Maybe it's upgrading your site to an e-Commerce site. Maybe it's enhancing social media through best practices, learning how to use Google Business to advertise (free options, by the way), or researching about a future investment. Whatever it is, now is not the time to sit back and wait for the next step. Research. Plan. Develop. Create your "next step" now. Check out our Blog to get started!
Thanks for being a part of the SHOPNoble community!