The recent NATO summit in Washington D.C. brought both ups and downs for local businesses.
Since this type of event comes with incredibly stringent security procedures, businesses within the barricaded security zone were essentially unable to operate. Employees, customers, and vendors were generally unable to reach these businesses due to closed streets and security measures. In fact, many businesses in this area simply chose not to open during the event, since it would be too difficult even for business owners to come and go.
However, the event also brought hundreds of visitors to the area, including leaders and support staff from NATO countries. These visits are expected to boost the regional economy thanks to increased hotel bookings and more sales at local restaurants.
Shayla Moon, senior vice president of policy for the Greater Washington Board of Trade, told WTOP, “We’re seeing and expecting substantial revenue to come from the summit, particularly those in the space of hospitality and tourism and those restaurants along the waterfront area and in Northern Virginia.”
Special events often provide extra opportunities for small businesses. But the logistical elements like security and traffic backups can also create difficulties. When it comes to large scale events like the NATO summit, small businesses don’t get to determine if their city will participate. So business owners have to simply accept the reality of each event and try to make the best of it.
For hotels and restaurants that are close to the event but outside the secured area, the benefits are likely clear from the start. However, businesses that have to close or change their operations due to heightened security may have to get creative to make up for their lost revenue. For example, some businesses might offer sales on gift cards or host special events leading up to or directly after the summit. Understanding the reality of your business’s situation and taking steps to mitigate any negative impacts can go a long way for small businesses in these areas.
Image: Envato
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