The coronavirus has affected most small businesses in one way or another. So if your small business has been suffering due to the ongoing coronavirus situation, you are not alone.
According to the latest survey from Tech.co, 80% of small business owners accepted that COVID-19 has hurt their businesses. However, a good thing is that 55% of small businesses are feeling positive for the future.
COVID Hurt Small Business, Majority Remains Optimistic
Needless to say, most small businesses operate on a limited operating budget. And the pandemic has caused supply disruption, an increase in supply cost, and lower demand for products/services. As a result, most small businesses have been suffering badly amid the COVID-19 crisis.
Though local authorities are easing lockdown restrictions, things are improving at a slower pace as there is no effective treatment of the disease yet and the confirmed cases of the disease are still rising
Key Findings of the Survey
The impact of coronavirus on small businesses is huge. With reduced incoming cash, most small businesses have found it difficult to stay afloat during the pandemic.
So there is no surprise that 80% of small business owners reported that the COVID-19 has had a negative impact on their businesses.
However, small business owners utilize the time of lockdown in learning new skills to grow their business. 76% of small businesses, as the survey reports, upskilled during the lockdown.
Search engine optimization, data analytics, social media, and learning a new language were the most common new skills small business owners tried to learn during the lockdown.
The trying times of coronavirus have not weakened the spirit of small business owners. They are optimistic about the future. Upskilling during the lockdown may have a small role in that. 55% of small businesses are positive about the future, the survey reports.
Tips to Reopen Your Small Business
With local authorities easing lockdown restrictions, more and more small businesses are going to open their operations, In fact, 53% of small businesses expect to reopen soon.
Being a small business owner yourself, you should make use of the available coronavirus resources to make a strategy to reopen your small business.
Following is a coronavirus reopening checklist for small business owners, which can help you safely resume your business activities:
- Prepare a timeline for resuming your business operations to stay on the track
- Invest in protective gears and sanitization stations to make your office and customer zones safe
- Implement a strict cleaning policy to keep the spread of germs in check
- Make a plan to support your employees emotionally to bust their stress
Also, you should draft an aggressive communication strategy to let your customers and prospects know that you are reopening your business with safety measures prescribed by the local authorities.
Furthermore, you should guide your sales and marketing team to address the challenges your audience is facing due to the pandemic. People remember businesses that go the extra mile to serve their customers.
About the Survey
Tech.co surveyed small businesses to get insights into how they have retained customers during the lockdown. The survey included 100 small business owners. Click here to know more about the findings of the survey.
Image: Depositphotos.com
This article, "80% of Small Business Owners Say Pandemic Hurt Business – 55% Feel Positive About Future" was first published on Small Business Trends
June 30, 2020 at 07:44AM
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Sandeep Rathore, Khareem Sudlow
