How the Coronavirus is Impacting Small Business Owners?

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How the Coronavirus is Impacting Small Business Owners?

The impact that the coronavirus is having on the small business owners is full of uncertainty and pain and it is also staggering and significant. Entrepreneurs are now being forced into drastic steps to keep their businesses operating and they are also scared about the future of their business. A survey of the members of the National Small Business Association stated that 3 out of 4 owners are highly concerned about what the economic impact would be. Impacts Small Business Owners are Seeing It has been shown that around 50% of the owners have already seen a reduction in their customer demand and around 38% aren’t at all confident regarding the financial future for their business. However, there has been some help and rescue that is coming from the local, federal and even state governments along with community efforts. This is one of the ways that the small business owners are managing to keep their business going. There is also a lot of other things that these business owners are seeing, such as: Shift to online purchasing – If you have an online store along with your physical store, then the majority of the orders would be going to the online store. This is making it much easier for the clients to get what they want without having to leave their home or expose themselves and their family to the virus. •Assistance – A lot of small business owners aren’t used to having to ask for or even need any type of assistance. However, these days there are plenty of people and ways that they are getting help, including from the government and the community. Those who feel comfortable with going out and buying food are purchasing more from the smaller businesses than the larger ones. •Lower sales – Also, the owners are seeing a lot less in terms of sales, especially if they only have a physical shop. The lower the sales, then the less money that they are bringing in, which means they can’t afford the day to day needs of the business or even the salaries of their employees.


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How the Coronavirus is Impacting Small Business Owners? by EZ Rankings - Issuu