Small businesses have definitely felt the effects of the COVID-19 pandemic. Those that launched just before the Virus started were either able to struggle for survival or give up and disappear. The Virus had an influence on every business. Did many have a strong foundation with which they could withstand the effects or were they weak to succumb? The answer is obvious. You can find out more about finance stress and learn how to adequately practice finance management on a small business. Kindly read on.
The negative impact of the virus on organizations made some take stringent efforts, like laying off a lot of their workers so that their organizations would not go into bankruptcy. COVID-19 was also testing their management skills. Did they value the people over the business or did the business come first? If you are a business owner and never came to this point, it was either your business had standards that could stand this stress or you had saved enough funds to implement new strategies when the pandemic took was at its peak. Does saving enough money solve the situation? Jeff Bezos definitely got richer after the pandemic started, how did he do it? Here are some tips that will help your small business:
Photographers for example have reverted to taking online photography workshops in a bid to tilt towards diversification. Many times, situations force businesses to take the steps they would have ordinarily hesitated to take.
“Two heads are better than one”, they say. It is good to belong to a community that can improve your business. Small businesses in the same niche can bring their resources together to form a whole new stronger version of themselves. This keeps them motivated and increases their strengths.
Even if these businesses do not merge. Business owners should not isolate themselves from others in their niche. New ideas on how to run their businesses can be shared and the community made stronger. Networking is very crucial in times like these.
This takes us back to the previous question, how Jeff Bezos became richer by the pandemic. As we all know everyone was struck by the virus. It was not previously anticipated. But the period left people with the option of using technologies for a lot of things such as buying groceries, household items, fashion items, and electronics. The pandemic opened up the internet and sites which such online services began to be crowded with a lot of shoppers.
Amazon increased leads and so did Kobo and other sites owned by Jeff Bezos. Small businesses could get lost here because big businesses have taken over the internet. But it is still possible to be seen. Leveraging on their networks and customers (even though few as at now), small businesses can register their online presence and grow from here.
It would take time to grow really large, but the effort is worth it.
While we wait for science to find solutions to the COVID-19 pandemic, we must find ways to navigate the negative economic Outlook the disease presents.