During the heigh of the Covid pandemic 41.3% of businesses reported they had closed their business down on a temporary basis.
In February this year it was reported that nine million small business owners feared they would not survive the year due to the impact that Covid has on their business. However, the Covid pandemic did not have as much impact on the small business sector as some experts first believed.
According to Federal Reserve research, as of April 2021 fewer than 200,000 businesses have closed their doors for a final time. Although more small businesses are not expected to last the year, the figures are not as high as feared in February.
Digital Brandz, LLC who are a marketing firm headquartered in Atlanta Ga and co-owned by two ambitious businessmen, Jacoby Mondy & Michael, understand the struggles of business. They help transform business brands, so we decided to talk to Jacoby Mondy and get his intake about Covid and business survival. This is what he had to say…
You run a successful marketing business Digital Brandz, have you found that you are gaining more clients who need urgent help because of the effects Covid has had on their business?
Yes definitely, due to covid most businesses felt the pressure to have an online presence. Alot of brick-and-mortar businesses struggled of course due to all of the outside restrictions, and because my company was already a household name we were able to scale our brand to the next level.
Do you think small business owners in order to survive the financial problems the Covid pandemic has brought, should revaluate their business in terms of their spending and the structure of their business?
Definitely a lot of old fashion businesses are trying to get traffic the old fashion way, like door-to-door sales or even mailbox mailers. Don’t get me wrong those methods work, but why do a billboard that cost you 20k for 30 days on a highway that a 100k people might see in a month when you can put 20k into some ads and a 100k people will see your content in 3 days.
One business expert has recently said that small business owners change and adapt their business model to survive the effects of the pandemics, what is your opinion?
Yes of course, look at restaurants. Everything is QR now, we forget that only 2 years ago we still had regular menus. Now everything is QR code related. Makes you think, did the QR code people create covid lol ok maybe that wasn’t funny.
Do you believe that rebranding a small business image could help them to survive the problems that the pandemic has brought?
Rebranding can help you survive anything, not just the pandemic. That’s the beautiful thing about life, I can wake up tomorrow and decide I want to rebrand myself. That’s actually what I teach people what to do.
Banks are currently being very strict on their lending criteria, so if a business is struggling financially, what can they do to raise money to survive?
Really, it’s several options. You have micro lenders, CDFI, Angel Investors, Hard money lenders. You can just google those words and type in your state after and it will show local programs outside of traditional banks. Or you can reach out to my company www.digitalbrandz.com and we can get your business funding with a credit score over 650
A lot of small business owners are struggling due to late payers. This has always been a serious problem for small business owners, but now with the pandemic it has become even more of a problem. Some business owners are worried about chasing late payers because it could result in them not purchasing their products and services again, so what is the solution?
My immediate solution is focus on getting new payers, the late payers will be late but the new payers will be NEW payers. Why focus on the negativity in your business when you can hire someone else to collect debts while you focus on business expansion.
Would you advise those small business owners to offer those customers they offer credit to, to provide them with a discount for paying early to increase cash flow?
My immediate solution is focus on getting new payers, the late payers will be late but the new payers will be NEW payers. Why focus on the negativity in your business when you can hire someone else to collect debts while you focus on business expansion.
If a small business is struggling to pay their bills, should they prioritize the bills and try and delay the other bills, or is there another solution?
I wouldn’t suggest that necessarily, In my experience I’ve learned that most business owners leave a lot of money on the table by not seeking additional revenue streams inside of their business.
If a successful business knows they are running out of working capital and only have around 30 days of capital left, is there any hope for that business?
So, what I would do first is figure out what other services I can or what additional value I can provide that would warrant me increasing my price.
To learn more about Digital Brandz, please visit:
The owners social media pages are:
https://www.instagram.com/koolestnerdever/
https://www.instagram.com/digitalbrandz/
Media Contact
Company Name: Digital Brandz
Contact Person: Jacoby Mondy
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Country: United States
Website: www.digitalbrandz.com