The financial impact of corona has been astronomical. The tourism industry is all but shot, restaurants and stores are closing left and right and small businesses and startups are painfully failing. The impact of this on the economy is huge. It results in employees being laid off, unemployment going up and less money being pumped into the economy. Different governments have come up with different ways of helping their citizens, but few have found a truly effective solution. Let's take a look at some of the options and see how small business owners can take advantage of what's available to them.
Take What You Can Get
Many governments are providing checks to small business owners and freelancers. This money is meant to help individuals get back on their feet and continue working as best as they can. Many governments ask that you to prove your income has been affected by the COVID-19 pandemic. It may be annoying to have to jump through these hoops but remember that these check ups are in your best interest. Governments are working their hardest to provide money to those that really need it and signing on a few dotted lines shouldn't keep you from getting what you need.Employee Status
One common occurrence that we've seen happening is employees being laid off. Left and right people are losing their jobs. However, there could potentially be a better solution. If it's possible, perhaps try and turn your employees into freelancers. This will keep you from the financial obligation of paying a salary but will still leave your employees with some work. Additionally, it will leave you with access to a team when you should need it.Pivot
Not everybody has this option, but for those that do, it is time to capitalize. Having the flexibility to pivot to current needs can keep your business from going under. If you are normally a sit down restaurant, come up with a take out menu. If you generally only sell in-store, try and start doing delivery. (This is a great job opportunity for airport drivers and car services – allowing them to get some work too). There are many ways to cater to the crowd, you just need to find the change that works for you.Embrace Digital
If there is one thing that will likely become a long term effect of corona, it is the turn to the digital work space. People are turning to the online world more and more, and discovering how much they can truly do from home. No matter your business, corona is a sign that it is time to embrace the digital. Put your business online, try and find communities similar to yours and find brand new customers through the world wide web.
Many businesses have fallen on hard times. Businesses are closing, employees are being laid off and corporations are downsizing. Everyone is looking for new ways to revive the economy. There are a number of organizations looking to help small businesses stay on their feet, and charities that are itching to help out. It may be difficult, but now is the time to embrace any option you are given.