ReStart Australia: Calls for corporates to step up and help SMEs survive and thrive 

First 5000 | June 11, 2020

With an end date looming for JobKeeper, a leading business coach and advertising expert is calling for corporates to step up now and help SME’s who have been financially devastated,  by providing and financing the small cost of educating small businesses on how to restart and regrow their business as many are on the brink of collapse from COVID.

Siimon Reynolds, renowned entrepreneur and Co-Founder of The Fortune Institute said many corporations rely on SMEs as the cornerstone of their own revenues, so it makes sense for them to ensure those small businesses get assistance to maintain and increase their own sales in this difficult economic climate.

“We surveyed approx 4,500 SMEs asking what assistance they need now,  and it’s not handouts they are looking for, it’s a hand up – 68 per cent said they need to learn new ways and skills to keep their doors open,” Mr Reynolds said.

“SMEs are out of cash and if corporates help fund their training they are not only helping a family keep a roof over their head, but they are also securing their customer loyalty for life – something that despite much lip service has gone by the wayside over the years.“Companies are willing to spend big dollars to build their brand by sponsoring professional football clubs to display their logo on a team shirt for example, so I’m suggesting they use some of that marketing budget to help their customers who are SMEs in need.

“This is clever marketing. There’s no stronger loyalty-building tool  than providing help  to your existing small business customers to enable them to keep their doors open – they will be loyal for life.”

SMEs account for 98 per cent of businesses in Australia, employing nearly half the country’s workforce so it’s in the best interests of everyone for them to survive.

“JobKeeper, deferred or reduced loans government programs are not long term solutions instead they simply provide a window of opportunity for SMEs to get back on their feet  and learn new ways to earn an income to keep their doors open beyond JobKeeper.

“Already up to 60 per cent of small businesses fail in their first three years but now we expect that figure to blow out as a direct result of COVID.”

How is your business going to do things differently post COVID-19?

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