The Pandemic and its Effect on Small Businesses
Have we noticed that people aren’t talking about the virus on health but on the economy recently? Well if you haven’t then this might just be the first post that you will be seeing and for sure you will see more.
Why is this so?
A lot of government are trying to keep the economy afloat while solving the pandemic and the doing that, some governments are relieving the lockdown a little so as to allow businesses operate, some are implementing curfew time as well as condemning gathering whatsoever but in all this, it is telling on small businesses.
This virus is putting a lot of small businesses to the test as a lot of this businesses are still locked. In a lot of countries most especially in developed countries, the lockdown is still tight and the government isn’t allowing movement. Just like the big corporation, small businesses are losing money as well, from grocery store, to restaurants, café, and other small businesses. If this lockdown continues for 1 month more, a lot of small businesses will suffer. Since small businesses make up about 50% of the employment force, you can imagine how many people are connected to this small businesses and you can imagine how much has been lost as revenue.
Although, essential businesses have to stay opened, but most people can’t risk their health for a paycheck or profit. Small business owners who deal with essential commodities are facing a lot of challenge from handling sales themselves to having enough funds to employ or getting employees. Nobody knows what will happen in the future, and everybody is anticipating for the future.
Not everyone can risk going out and facing a pandemic, some people who own small businesses are aged people and are at the highest risk of contracting the disease when they go out, so they just have to stay indoors. What happens to the goods in this stores if they get expired or spoilt? What if they have to buy new products and inflation cause their financial power to drop?
