Small Business Survival During A Pandemic
As the dreaded coronavirus rips all over the globe, state after state and city after city has had to come to terms on how to deal with it on an economical level. Major places of business such as shopping centers, malls, restaurants and more have become ghost towns. The economy might have a chance of surviving when this is all over but that will depend on how the country handles this crisis. The elephant in the room and the question on everyone’s mind is “How can small businesses survive during the pandemic and the aftermath”? We have seen businesses large and small filing for bankruptcy, laying off employees, closing up shop for good and more.
The good news is we ‘re going to get through this pandemic. We ‘re going back to work and school and we’re going to get together again eventually. Whether that is in restaurants, theaters, sports stadiums or shopping centers. But even when we do, cities and their representatives cannot just go back to business as normal. Not only does COVID-19 threaten to reappear in subsequent waves if we do not remain cautious, but there will also be forthcoming pandemics to confront.
Depending on the line of small business, there are ways to reduce the blow of the economic impact to said business. For instance, we ‘re in the middle of a major breakthrough in remote work. Many people will probably go back to their workplaces, but some employees and businesses can consider remote work more productive. Cities should learn from each other how best to help the growing ecosystem of remote workers and make them connected and engaged in their business. If a small business has been allowing it’s non-essential employees to work remotely during this pandemic, they should consider extending this schedule indefinitely to make their employees feel safe and as comfortable as possible. Some small businesses have considered letting employees come to the office on alternate days or a few days a week to help diffuse the spread of the virus as much as possible.
Other small business industries such as restaurants, cafes, or grocery shops that build jobs and make our cities distinctive are at significant economic risk right now. Losing small businesses will be unrecoverable, not only for the people whose livelihoods rely on them, but for towns and cities as a whole.
Government loans and assistance from the private sector would be critical to the sustainability of these industries. Proving funding for small businesses and professional organizations is key to making sure they stay afloat. Cities need to offer this sort of aid to these critical small businesses so that they can safely reopen and survive the storm of possible future shutdowns.
The leaders, senators, and civic leaders will hopefully do everything they can to get their communities back in operation as quickly as they can safely. But before that, we will need plans in place to prepare for possible pandemics, and any social or economic shutdowns that might be required. The government must play a significant role, with courageous and extraordinary programs to strengthen the economic condition of our states and localities, as well as our workers and businesses, especially small businesses.
If you are a small business owner looking for resources on how to navigate during this pandemic, contact one our of advisors today to understand the options that are available to you.