COVID-19 Takes a Toll on Small Business
Note: This is a crossposted piece of content for blurt.world that I created on 9/23/20. I own and have created this content, see details below.
According to a study published in CNN, up to 60% of businesses that closed due to COVID-19 may never reopen. Most of these are small businesses without the massive cash reserves and support from shareholders. What can a small business do to keep their head above water as the lockdowns continue?
October 1st marks the date when businesses that took the PPP loans from the government may lay off their employees, and many employers including airlines are ready to do just that. Those who are laid off will not be customers at businesses that have high prices or offer luxury items. Fewer customers make this lockdown even worse for small businesses.
There are few who have benefitted from the COVID-19 Pandemic lockdown. Small business is in serious trouble, and large businesses including Amazon, Walmart and Microsoft will stand tall due to their large financial reserves.
How can small-business survive?
Small businesses must meeet their customer's needs more effectively and at a lower cost than the big business and chains. Small Mom and Pop businesses are at a major disadvantage. Small businesses must focus on their target demographic and their marketing plans. As a small player, many consumers may be sympathetic to the plight of small businesses, and may need them to offer excellent services.
Focusing on quality, marketing and meeting your customer are going to be key as a small business during the Pandemic. Fight on, and keep your head up.
Originally published in my blurt account at the link below:
https://blurt.blog/blurtlife/@anarchy999/covid-19-takes-a-toll-on-small-business
Also published in my Steemit account at myblurtrides1.
Sources:
Picture from Pixabay.
https://www.cnn.com/2020/09/16/business/yelp-coronavirus-closures/index.html
I can testify to this, small businesses really felt the heat in my country and without any government assistance they just need to get up on their feet again.
True. Big business got billions, small got very little.