Michael Pitts: Small business tips to thrive during record inflation

KONSKIE, POLAND - August 18, 2019: Facebook Ads logo displayed on mobile phone

Small businesses have always faced pressure related to competition and revenue, but in recent years, external factors such as COVID and inflation have created unprecedented challenges for Florida’s small businesses.

The COVID-19 pandemic led to a net loss of 9.1 million jobs in the first two quarters of 2020, but small-business owners are resilient. Between March 2021 and March 2022, new and expanding small businesses created 4.9 million jobs in just a year. Now, Florida small-business owners like me are challenged with rising inflation. A recent report found that Florida has one of the highest inflation rates in the United States, leading to higher operational costs and less revenue for small-business owners. As a result, small-business owners are questioning if they can stay in business.

Small businesses are the lifeblood of Florida’s culture and economy. As we wrapped up National Small Business Month last month, I want to offer a few tips that business owners in our organization, Black Business Orlando, have found helpful in thriving during Florida’s record inflation.

Tip 1 — Utilize Social Media: Today, small-business owners have access to free digital tools that previous generations of business owners never had access to. 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, post regularly, create video Reels, conduct Facebook Lives, and engage with followers when they comment or share your posts. The goal is to create a discourse on your page and engage with current and potential customers.

Tip 2 — Utilize Groups and Organizations: Joining a Facebook Group or networking group is a great way to meet fellow business owners and new customers. Engaging in meaningful conversations, whether in an online community or in-person, can help you connect with the world and share your business for free. You can join these groups to promote your business, engage in community events and swap resources. If there is no small business Facebook group in your community, create one. Our Facebook group for Black Business Orlando was created with the goal of furthering our connection, and now it holds over 27,000 members!

Tip 3 — Utilize Advertising: The days of large, expensive advertising buys for billboards and TV ads are over. Small-business owners can go to platforms like Facebook and Instagram for low-cost advertising or to “boost” posts. The platforms offer cost-effective advertising that reaches users who may be interested in your goods or services. I also encourage you to utilize Instagram Reels and other content tools to maximize your reach.

Tip 4 — Find Like-minded Community Organizations: Local chambers of commerce are great organizations to join as they provide networking opportunities and crucial resources that can help your business weather financial challenges. Local chambers will also give you opportunities to develop your skills as a business owner and increase awareness of your business in the community.

Tip 5 — Support Fellow Businesses: Support and uplift other small businesses. Working together as a community can enhance our collective impact on local culture and the economy. Share posts from other small businesses on social media, highlight a favorite business on your Instagram story or start a Facebook Live to feature a fellow business.

Inflation is here to stay for the near future, and we need our small businesses to maintain the unique culture and vibrant communities we have created in our state. It does not cost us anything to promote the incredible goods and services Florida’s local businesses are offering for our communities. Small-business owners are crucial to the well-being of our culture and economy, and I encourage small-business owners to explore how digital tools on social media can help their businesses thrive.

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Michael C. Pitts is the Founder of Exclusive Marketing & Automation (Done for you marketing and consulting agency) and an Executive Member of Black Business Orlando (BBO), a group for business owners to connect and promote their endeavors. With a mission to inform, ignite, and inspire Black business owners and supporters, BBO empowers businesses to operate at their best and create a community of thriving Black businesses.