Covid 19 Impacts on Small BusinessWed Feb 10 2021. 3 min read
At this point, just over a year into the global Covid-19 pandemic, it’s almost a certainty that at least some part of your life has been impacted. Some people have seen a sudden shift to working from home. Some people have seen their businesses close their doors permanently.
If you own a small business, though, you’ve likely dealt with several major impacts. You may have adjusted your anticipated 2020 bottom line to acknowledge the fact that you might not see a profit for the year. If you own a restaurant, maybe you shifted to offering take-out/delivery options for your customers.
The companies that seem to be surviving the pandemic so far are the companies that were able to quickly shift their focus. Small Business Trends agrees, pointing out: “Even though many struggled with profits this year, small businesses are still fighting. Many have been able to stay afloat and keep customers and employees safe with a few changes. Specifically, 43 percent provided PPP to employees, 34 percent allowed teleworking, and 29 percent updated policies.
Additionally, 20 percent of companies added new services to help their communities during this time. Some of these may have simply been to show support. But other companies clearly identified needs with their target customers. And this ability to pivot quickly may have helped a small amount of companies stay profitable or at least avoid huge losses.”
We aren’t going to know what the long-term effects of the Coronavirus pandemic will be for quite some time. Remember, we aren’t out of the woods with the infection rates yet. It will likely take several years to become cognizant of every impact our businesses might see. The ability to quickly pivot and redirect business focus seems to be one of the main factors helping small businesses stay afloat. Adaptation is key.