How Covid-19 Has Affected Small Businesses

As cities, states, and countries attempted to slow the spread of the novel coronavirus that began in late 2019, stay-at-home orders and quarantines were put in place. The consequences of these measures have been heartbreaking for the entire economy, but the most vulnerable have been small business owners, like yourself. This crisis has likely caused you to drastically change the way you serve your clients and customers, or even temporarily shut down. I know I don’t have to tell you how these types of closures and restrictions have affected your bottom line. Not only has your livelihood been put at risk, but so too has your staff felt the impact. So many small business owners are having to bear the weight of an injured business personally, but also feeling for the hard-working individuals who relied on going to work every day for a paycheck. Unemployment rates have surged throughout the entire US, and as much as this pandemic is impacting the economy, it’s also affecting public mental health. The loss of work from so many restrictions during the pandemic has no doubt created a heightened level of fear and anxiety.

Some businesses have been able to transition their employees to working remotely, but there are still plenty of companies and establishments who simply cannot make that transition. Being unable to keep your doors open and unable to work from home is probably not a challenge you have a plan for. Most small businesses can only weather a storm of this magnitude for so long before they need to make some big adjustments. In order to keep your business afloat, you need to pivot now. What exactly does pivoting mean and look like? It means recognizing that your current products or services are no longer meeting the needs of your consumers, so you’re going to switch directions in an attempt to improve your revenue… and survive in today’s marketplace. While there’s been a variety of solutions and fixes to the traditional ways owners have conducted business in the wake of the Covid-19 pandemic, there’s no doubt that tapping into the many features of social media is a move worth making.