Will Your Business Survive COVID 19?
The COVID 19 pandemic has had an unprecedented impact on the economy. Most countries around the world were caught unprepared for the scale and the financial impact that the virus will have on our day to day lives.
COVID 19 has left many businesses depleting their reserves or finally closing their doors as they did not have enough in reserves to outlive the economic downturn. If you are lucky enough to still be in business, you need to think about how they can help your company survive all the financial implications of COVID 19.
The government has been trying to support small businesses by giving grants and loans to tide impacted businesses. However, many people have questioned the effectiveness of some of the government programs designed to help businesses survive tough times.
Due to unprecedented levels of need, the government has been very slow to respond to the needs of businesses due to poor infrastructure to meet the requests.
Every business needs to find a way to grow. As the economy starts to recover from COVID 19, there is likely to be a greater need for skilled workers in particular fields.
Therefore, those who help the business community to find a way to successfully hire people will find that they are rewarded handsomely in the end. The use of software and alternative meeting formats also presents an opportunity to save money going forward.
Small businesses generate more than half of the jobs in the economy. The investment made in small businesses by the owners is a huge advantage to the government. A business that grows by staying afloat is more likely to survive any potential decline. For now, the road ahead is still very tough for small businesses.
The small business recovery may take a while longer than a year or two. Some will still not make it despite the injection of loans and grants by the government. The Small Business Administration (SBA) has been trying to scale up available resources to meet the deluge of requests that they are processing.
Going forward it is very important for small business owners to continuously review their operations and adjust as soon as possible. You need to understand very clearly how this COVID-19 pandemic is going to affect your business and customer service going forward.
There are systemic risks that can jeopardize the ability of your business to function efficiently. One core issue is the ability of your employees to get to work and stay safe. Also, what cleaning strategies have you implemented to keep people safe? All these concerns have to be addressed properly before your employees can feel comfortable to resume work.