How are Small Businesses Weathering the Pandemic?admin / 0 Comments /
Many Americans’ lives have been affected by the pandemic, perhaps medically and emotionally but its also reached their social, academic and professional lives. Those who have seen some of the most financial impact are small business owners. Many had to close their doors for a period of time due to local restrictions; even after being able to open, business operations had to be significantly changed. When small business owners were polled back in April 2020, only about 35% of the owners of small businesses were confident they would still be in business in the next year.
According to an article published by CNBC.com, reported by Lori Ioannou, more and more small business owners are feeling more optimistic. In a more recent poll, 64% of these small business owners felt that they can remain in business, and in fact, many felt they might also be able to increase revenue. The article goes on to provide details about what factors are allowing these business owners to feel they have the tools to succeed.
The government programs such as Paycheck Protection Program (PPP) and economic injury disaster loans have, as Ionnau states, “given some businesses a life preserver to ride out the economic uncertainty. And the loans have given owners time to pivot and reinvent their business models so they survive the new normal.” For example, some businesses have begun utilizing technology more readily by being more active online, creating new products as well as growing their direct-to-customer business model.
Consumers have also rallied to support local businesses by choosing to buy locally. For example, local restaurants have expresses gratitude to patrons who have ordered curbside or take-out food more frequently than in the past and increasing the amount of their tips to show both financial and emotional support.
As time goes on, some businesses will see that closing their doors might be inevitable and some businesses will thrive and succeed due to creative business practices or just by nature of their business and the product.
Read the entire article.
Photo Credit Tim Mossholder