Times are tough and everyone knows it. The COVID-19 pandemic has shifted the world in a way few thought possible. Our economies have not yet experienced the full perils of the pandemic. No one truly knows how this will shake out. It is time now to prepare against economic turmoil in any way possible. Atlanta is no different. As a culture, the city of Atlanta and the region around it need to come together to help local businesses and work towards financial health. Below are a few ways to boost Atlanta's economy during these turbulent times.
Invest in Sales
Most businesses need to broaden their market and invest in sales. When sales are low, it is a good option to look into sales coaching. Not only will this help a business increase sales, it will spread some money around and put it back into the economy. This also goes for advertising and marketing. It may feel counterintuitive to put more money into your business, but if sales aren't there you probably need to find new ways to increase them. Take a look at the numbers and do the work of finding out how you can overcome these obstacles and keep moving forward.
Support Local Businesses
It is so important for all of us to support small local businesses. This is particularly true of restaurants. Get take-out from the small mom-and-pop place that you love. If you can buy something locally, don't opt for shopping on Amazon. You may not realize in the moment how favoring the big corporation impacts your own life. The local money needs to go around, and the community benefits from supporting small local businesses. If we don't work together to save these businesses, the economy will take a crash that goes beyond the effects of COVID-19.
Move to Somewhere Cheaper
There's a reason so many people are moving out of big cities. If you are living in a place that is too expensive, you should consider moving to somewhere cheaper. This won't just help you get a handle on your finances, it will free yourself up to spend more money in the economy. When we live beyond our means, we don't have anything to spend. It helps us all when the money is moving around. Similarly if you are in a position of relative stability, it is also a great time to invest in real estate. Prices are down now but in the future, after this pandemic, they will go back up. You can make a lot of money that you can invest in something else.
Give to Local Charity
When you are doing okay and want to help others, giving to a local charity that puts your donation to good use is a great option. Particularly an organization that employs at-risk youth, people with mental illness or drug addiction, and others who need to be mobilized. When these people are doing better, we all benefit. Solidarity is actually very important for a strong economy. The middle class is integral to a healthy mixed economy. When there are many struggling with poverty, most of us suffer. The only people who don't lose out are the richest people in our society.
Reform Local Taxes
Atlanta has a large wage gap and the worst income inequality in the United States. When the lower class is large and struggling, the middle class shrinks. This becomes a problem for most of us. Reforming local taxes to redistribute wealth a little more than it is currently will help the economy overall. We will need everyone spending money in a post-COVID-19 world.
There is no telling how the economy will suffer as this pandemic comes to an end. Vaccines are on their way, but no one knows how long it will take for the United States, and the world at large, to recover. Now we need solidarity and a healthy middle class more than ever. When the middle class is healthy, the economy is healthy. Supporting local businesses, investing in your company, giving to charity and reforming taxes are a few options for boosting the local economy and working towards a healthier financial region. With COVID-19 we have an opportunity to overcome this turbulent time and use it for good.
