Small businesses have always faced pressures related to competition and revenue, but in recent years, external factors such as COVID and inflation have presented Florida small businesses with unprecedented challenges.
Due to the COVID-19 pandemic, 9.1 million jobs Small business owners have proven resilient in the first two quarters of 2020. From March 2021 to March 2022, we saw a surge in new small business formations and expansions. 4.9 million jobs Just one year. Now, small business owners in Florida like me are feeling the effects of rising inflation. Recent Reports Florida has one of the highest inflation rates in the U.S., which has led to higher operating costs and reduced revenue for small business owners, leaving them questioning whether they can stay in business.
Small businesses are the lifeblood of Florida’s culture and economy, and as National Small Business Month concluded last month, we wanted to share some tips that business owners from our organization, Black Business Orlando, have found have helped them thrive amid record inflation in Florida.
Tip 1 — Use social media: Today, small business owners have access to free digital tools that were never available to previous generations of business owners. Some of the most cost-effective and efficient digital tools are available on social media platforms like Facebook and Instagram. You can create a free business account and post regularly, create a video reel, do Facebook Live, and engage with your followers by commenting and sharing your posts. The goal is to spark discussion on your page and engage with current and potential customers.
Tip 2 — Use groups and organizations: Joining Facebook groups and networking groups is a great way to meet other business owners and new customers. Whether it's an online community or in person, participating in meaningful conversations allows you to connect with the world and share your business for free. You can join these groups to promote your business, attend community events, and exchange resources. If your community doesn't have a Facebook group for small businesses, create one. Black Business Orlando It was founded with the goal of furthering our connections and now has over 27,000 members.
Tip 3 — Use ads: Gone are the days of big, expensive advertising budgets like billboards and TV ads. Small business owners can take advantage of platforms like Facebook and Instagram to run low-cost ads or “boost” posts. These platforms offer cost-effective advertising that can reach users who may be interested in your products or services. We also recommend taking advantage of Instagram Reels and other content tools to maximize your reach.
Tip 4 — Find like-minded community organizations: Your local chamber of commerce is a great organization to join because it offers networking opportunities and important resources to help your business weather financial hardships. Your local chamber of commerce also offers an opportunity to hone your skills as a business owner and increase the visibility of your business in the local community.
Tip 5 — Support fellow businesses: Support and encourage other small businesses. By working together as a community, we can increase our collective impact on our local culture and economy. Share other small businesses' posts on social media, feature your favorite businesses on Instagram Stories, and start a Facebook Live to highlight your fellow businesses.
Inflation will continue for the foreseeable future. We need small businesses to help maintain the unique culture and vibrant communities we have built in our state. It costs us nothing to promote the great goods and services that Florida's local businesses provide to our community. Small business owners are essential to our culture and economy thriving. I encourage small business owners to explore how the digital tools of social media can help their businesses thrive.
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Michael C. Pitts He is the founder of Exclusive Marketing & Automation (a marketing and consulting agency) and an executive member of Black Business Orlando (BBO), a group for business owners to connect and foster engagement. With a mission to inform, inspire and inspire Black business owners and advocates, BBO empowers businesses to operate at their best and builds a thriving Black business community.
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