By now you might be
having a very clear idea about the devastating impact of COVID 19 Pandemic on the people’s life and
global economy. The Recent crisis has forced Small and medium-sized
enterprises (SME’s) to stop
their functioning. With the increase in the positive cases, many small
businesses have become clueless about their future which may affect their
revenue.
For the latest report,
the US has asked places like restaurants, theaters, events, entertainment
venues and more to close their doors until further notice. Because of that
small businesses have started to feel the financial crunch due to the
coronavirus pandemic.
From the latest survey
by Bloomberg. Many small businesses are finding it difficult to survive for
more than 1or 2 months due to payments like rent, loan payment, employee
paycheck and more. More than 30% percent of the business may run out of cash
and fail to operate after one or two months. Only 9 percent of small and
medium-sized enterprises think they can survive for 6 or more months during the
outbreak.
Due to COVID19 impact
retailers have already started to face problems like supply chain issues (due
to China), fewer customers, a decrease in sales and many more. Affecting hourly
workers shift, job, paycheck and more.
According to a report
by an analyst, due to the COVID19 outbreak, more than 15000 retail stores and
small businesses may permanently stop their functioning. In a recent blog post,
the economic policy institute said the COVID19 pandemic can affect more than 3
million jobs by this summer.
To avoid this you can
take some measures to save yourself, your employee and your business. In this
article, we have discussed how COVID19 is affecting small and medium-sized
enterprises? And what precautions they are taking to save their business during
the crisis?
Take care of yourself and people around
Before moving ahead we
would like to tell you that not only your but every human on this planet is
distressed about something. Some people are worried about their lives, some are
worried about their business, job, family and many more. In a situation like
this where COVID19 is growing rapidly thinking about the job & business
future may amplify your stress level.
That’s why before
making any decision about your business or job sit back and try to alleviate
the stress and anxiety. Remember Until and unless COVID19 minimizes we have to
protect ourselves from the unwanted pandemic.
It will affect human
life, economy, revenue, and more but life is all about fighting. Once the
effectiveness of COVID 19 reduces then every human on this plant will fight
back to bring things on track. But for now, it’s important to secure yourself
from the deadly and highly contagious disease “Coronavirus”.
Impact of COVID19 on small and medium-sized enterprises
(SME’s)
With the increase in
the number of coronavirus positive cases, small and medium-sized enterprises
have already started to feel the impact on their business. Many are concerned
about how they will pay the rent of the store?
And provide the paycheck to their employees.
A recent survey found
that 76% of the small businesses
with employees between 0 – 200 have been hit
by the COVID19 pandemic. Most of the retail stores and small companies have
stopped their functioning. Because of that their cash flow has been abrupted
badly. If you look at the stats, many
small businesses working in the tech market have been hit badly in the month of
March due to the rise in the COVID19 cases.
Due to the COVID19
pandemic, many companies are facing problems in paying the rent and other due
amounts. Even if the landowner allows to defer the rent for two or three months,
businesses may face difficulties in paying the due amount. These types of
difficulties are forcing small businesses to permanently close their
business. Until now no one knows how
long this disease and its impact are going to last. Read more on
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