Page 34 - FDI Alliance International Magazine Summer 2020 Digital Interactive Issue

SUPPORTING SMALL BUSINESSES DURING A

PANDEMIC: A SURVIVAL GUIDE

Since March of this year, the unprecedented COVID-19 pandemic has encouraging their businesses to ramp up their ability to meet the increasing
put economic developers’ skills to the test in supporting our local small demand for online shopping, transactions and delivery. The Denison
businesses. How could we be there for them when we couldn’t even visit E-commerce Accelerator Incentive Grant Program funds up to $6,000 of
them? How could we, as public entities, best invest our resources to help e-commerce marketing projects of $8,000 or more. Level One (“LAUNCH
maximize the benefit to our small businesses and save our economy’s E-commerce”) encourages businesses to gain or improve their ability to
backbone? conduct business online and begin digital promotions to guide shoppers to
their website. Level Two (“AMPLIFY E-commerce”) focuses on expanding and
We discovered that it’s a tall order, but it’s part of our job to figure it out. growing online sales through enhanced digital marketing and promotions.
Above all, it starts with listening. By connecting with business owners and
engaging them in a conversation, we can fully understand their story and Research has shown that more vibrant digital businesses in a community
their pain points. Armed with this knowledge, we can start to work through lead to higher median incomes and healthier communities. Denison’s
our tool chest to find the instruments that will provide solutions. incentive program was designed not just to help local businesses survive
COVID, but to create a lasting economic impact for the community.
Economic developers can utilize customer relationship management (CRM)
to be better prepared when disaster strikes. In fact, a robust CRM system is “Retailers, including restaurants, quickly discovered the need to serve their
the cornerstone of an economic development program. So much of what customers differently,” noted Denison Development Alliance Chairman
we do as professionals depends on relationships and the ability to leverage Matt Looney. “The ability to display products and services through a website
our network that having a way to effectively and efficiently connect the dots or app was critical for this unexpected change in shopping routines and the
is no longer a nice-to-have but a must-have. That’s why our “Framework for future of our economy.”
Success” starts with the installation of a CRM. By inputting information into a
centralized database over time about each small business, we can analyze Applicants are given complete control of which online sales platform to use,
the data for patterns to find the businesses’ challenges and opportunities. which consultants they engage, and which digital advertising option they
This centralized contact database also allows us to connect with the business incorporate during the six-month grant.
owners and develop trust more efficiently. This trust will enable us to better
serve our business owners in their time of need. Another opportunity for economic developers to help serve their small
businesses came from the various loan programs provided by the federal
One of the significant challenges faced by many small businesses going government and the information needed to apply. Day One Experts provided
into COVID was their lack of an online presence. They had always relied free consultation services during the early stages of the crisis, and we found
solely on face-to-face interactions to do business. But now, with the entire it shocking how little the business owners knew about their business. Most
world shut down and isolated in their homes, these small companies were mom-and-pop operations that knew how to provide their product or
were forced to embrace a new way of doing business. Their very survival service but lacked the business knowledge to understand if their business
depended on their ability to connect with their customers electronically. Here was profitable. Our team recognized right away the opportunity to provide
was an opportunity for economic development organizations to help their resources to these small businesses to better position them, not just during
businesses with the processes needed to remain viable during the shutdown. COVID but also into the future. By providing fractionalized services like
One community in North Texas created a unique program aimed at bookkeeping, marketing and human resources, an EDO can substantially
34. FDI ALLIANCE INTERNATIONAL