The BIG Series offers small business owners tools for recovery

The BIG Series offers small business owners tools for recovery
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Over the last decade, small businesses have risen to  become the face of Detroit’s comeback.  Then in March, as the COVID-19 pandemic swept through the region, their very foundation and futures collectively became uncertain.

The Inter-Faith Small Business Alliance (IFSBA), which works to foster a culture of small business, is working to help them get back on their feet.  On July 20 it will host a free webinar to help small businesses get expert advice, tools and resources critical to long-term survival .

Registration for the free event is open now and is available until the day of the webinar.

The event could not be coming at a better time considering a recent report by Detroit Future City that revealed while 84 percent of  700 entrepreneurs interviewed said entrepreneurs have positive impact on Detroit, they also revealed major difficulties.

The biggest? Money.

More than 50 percent of businesses fueling the city’s comeback had yet to achieve financial security before the spread of the coronovirus, which makes a comeback a particularly daunting, but not impossible, challenge for small busienss owners, according to the BIG Series organizers.

Utility bill payments were among the indicators used to evaluate the fiscal soundness of Detroit’s small shops. And according to the report, more than 50 percent of the city’s small business owners were behind on utility bills.

This is not a surprising statistic given the fact that more than 40 percent of small businesses interviewed borrowed money from family or friends in the 12 months prior to coronavirus pandemic.

Funding is one of the leading challenges of small business start-ups, according to the SBA and is expected to become the leading indicator of business survival.

Although recovery funding is still available, the process can be time-intensive and difficult to navigate for small businesses owners who often wear many hats, including chief financial officer.

IFSBA says the BIG series webinar is uniquely geared to help “bootstrapped, barely-and under-funded businesses ready to kick it into high gear” as they recover from the COVID-19 crisis.

Participants can expect to get sage advice about funding and other recovery tools from proven entrepreneurs and small business experts who understand the challenges of today’s business climate.

The BIG series webinar will be hosted by Pastor Patrick Wayne Sanders, founder and executive director, Inter-Faith Small Business Association and will include panelists:

Five years ago, Gaines opened House of  Pure Vin, a wine store on Woodward that pairs people with their best possible wine.  House of  Pure Vin flourished and quickly became one of the city’s most heralded start-ups.

From start-up to stay-up, Gaines gets what it takes to keep a business going, even in a pandemic.

It is not customer service. It is customer connection, according to Gaines.

“People forget you don’t have to just get people to come to the store, you need to get them to come back,” she says.

Small businesses more than larger ones require repeat customers to survive.  Gaines has gone beyond just helping people with their needs. She gives them an experience that makes them part of a community.

BIG Series Panelist Dr. Ruben West will share strategies on how to dinstinguish your small business from compeitors and how to market that differentiation.

One way this has worked is by hosting wine tastings, an event that is difficult to navigate while wearing a mask, and even harder when you need to limit people in your store.  Gaines solved this problem by hosting tastings online. Although participants are not mingling in the store, the online series still delivers an overwhelming sense of community.

And that’s critical, accroding to Gaines.

“Flexibility is key. Now more than ever, it is a virtue in any business,” says Gaines,

That, coupled with planning ahead, saved Gaines.

“Within the first two weeks (of the pandemic), I knew it was going to be a long-term thing,” she says.

Gaines acted accordingly and says that kind of foresight came from experience, which she hopes to share with those just starting the recovery process.

In addition to her inginuity, Gaines optimistic outlook and insights are part of the take-aways participants can expect to receive from the BIG Series webinar.

It’s critical, according to Gaines, who notes that above all small business owners must  have faith.

“Despite the challenges ahead, I’m very optimistic about the future of small business after COVID-19,” says Gaines.

She has already seen people wanting to get back to human interaction.  Amazon may have kept things convenient during the crisis, but people want the human touch, speak to someone with experience and get to know them.

Gaines says another reason she is pleased to be on the panel is because communities have reached out and given her help along the way.

That help and support is an much-needed asset in times like these where many feel isolated and alone.

“We need to be even more engaged in our community,” she says.

Dr. Ruben West, an international speaker and business expert, is among the scheduled panelists. West will draw upon his experience leading large and small business enterprises across a wide variety of industries.

Like Gaines, he understands the importance of flexibility and the ability to pivot.  ‘

As COVID-19 business and travel restrictions settled in, his international, in-person speaking engagements dried up, West quickly turned to digital speaking engagements to keep his business going.

“One of the most important assets small businesses can develop is a unique characteristic or ‘calling card’ that sets them apart from the competition,”  says West, who notes that odds are that most businesses are probably not the only ones providing the service.

It’s that dramatic differentiation that keeps customers loyal, according to West, who notes that consumers are hungry for unique experiences, now more than ever.

During the webinar he will share ideas about how to make a business distinctive and get how to market that uniqueness clearly to potential customers.

“You have to communicate the idea,” says West.

The BIG Series webinar is sure to be beneficial to participants who need trusted advocates and expert advice from leaders who understand, appreciate and face similar challenges.  The fact that it’s online … accessible from home offices, America’s new business headquarters makes it even more convenient.

Registration is open now and is available until the day of the July 20 webinar.

Lead image of House of Vin Co-Owner Regina Gaines by Paul Engstrom

 

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