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REBUILDING IN THE WAKE OF UNPRECEDENTED LOSS
(Jun. 8, 2020) — The world has been shaken and outraged by the wrongful death of George Floyd. In response, people of all races and ethnicities expressed their anger in mass riots, protests, and looting. Caught in the cross-fires of it all are small businesses.
Small businesses all over the world have been impacted by Floyd’s death, but in the midst of rage and anger felt across the world, it brings about the question of if violence is the answer. Some would argue that protests are the language of the unheard, while others would argue that prayer is what’s needed to make this nation great again.
For lots of business owners, they thought the COVID-19 pandemic was going to shut their businesses down, but after the George Floyd riots, they know without a doubt they will never be able to financially recover for business.
One small business owner out of Minneapolis, Brandy Moore, is devastated by the destruction of her business; she called it her “baby,” but looks at what happened to her business from a broader perspective by stating:
“I can’t go home and cry and be hurt because I lost businesses. George Floyd lost his life. He’ll never be here again.” -Brandy Moore, Levels Owner
The name of the game here is failure to intervene. The system failed to intervene in Floyd’s death, and as a result, arson, theft, and looting were taken out on small businesses… which is also a direct result of failing to intervene.
So what are small businesses to do now? What steps can they take if they ever hope to reopen their businesses once the smoke clears, or if it ever clears?
Only time will tell. There are relief funds that have been created to aid businesses that were impacted by the riots and looting, but that funding and relief is only happening in certain areas. The good news is that there are measures you can take in the rebuilding of your business, but it is dependent on the type of business you have and the type of insurance you have.
Starting Your Business Road to Recovery
Contact Your Insurance Company
The violent and arsonist acts stemming from the death of George Floyd have caused small business owners to take a closer look at their business insurance policies.
Does business insurance cover looting? As a business owner, business insurance is a necessity similar to carrying car insurance, and basic liability is the minimum you need that’s required by most landlords and proprietors.
But in acquiring business insurance, it’s up to the business owner to determine how much they want to pay to cover their property and inventory for such damages like fire, natural disasters, and theft. With recent events, business owners never thought they’d see the day when theft would be taken to such an extent.
Unfortunately, for small business owners, the type of coverage they have for their business is determined by the type of policy they initially signed up for. Just like with car insurance, you can’t change your policy after an incident to meet the coverage needs… your coverage is based on what you initially set up.
After your claim has been settled with your current coverage, you can then make changes to your policy. Hopefully, the policy you have includes coverage to equipment like computers, business phones, and other pieces of equipment.
Get Your Business Management System Back Running
Assuming your business insurance policy covered computers, you’re going to need to get a business management system in place as part of your business recovery plan. This particular aspect may be the last thing on your mind but it’s extremely important if you want your business to pick back up; even if you have to conduct business online until you can reopen a physical store… You have to start somewhere.
Business management programs like JDE software are going to make keeping track of how much inventory you have, sales, and order and project management a breeze. This software is going to prove to be very beneficial with running your business online, especially if you have a business website. If you don’t, just find an e-commerce platform and build one.
You’d be surprised at just how many people will buy in support of helping build small businesses back up after devastation like this.
Let the World Know You’re Open For Business
To speak a little more on how people are willing to support small businesses now more than ever… let them know you’re okay and are back open for business with online orders. Share with your audience your story; How you started it, the progress you’ve seen, and its ultimate fall from the unjustified murder of an African-American man.
Letting the world know your business is open is not only a great marketing tactic to generate business but it’s the perfect platform to speak on the injustices experienced by the black community. Because it’s your business, you have the freedom to speak on how this particular crime has impacted the nation and the livelihood of many.
This is a way to not ask what your community can do for you but what you can do for your community. This road won’t be easy because it’s not supposed to be, but isn’t anything worth having, worth fighting for?
Most of America thinks so…