The Covid Business Collapse
Globally, the pandemic had a devastating impact on businesses cutting across all industries. The majority of the leading revenue-earning industries experienced substantial drops in earnings, and some faced total shutdowns.
Considering that the pandemic was sudden, and a majority of the countries were not prepared to handle the impact, the reactionary restrictions had far-reaching effects on many economies, leading to shut down of leading revenue earners like airlines, hotels, and schools many others. In addition, other essential industries cut down on staff numbers to minimize the costs. Consequently, many people lost their jobs, or the significant pay cuts were not tenable to their being.
The Rise of the Covid Small Business Trend
This period, however, saw the mushrooming of many small and medium enterprises. Most of these businesses were established by previous workers who experienced job losses or existing entrepreneurs committed to filling the new opportunity gaps created by the pandemic.
2020 and 2021 saw the birth of new entrepreneurs, albeit with minimal or no business operations and marketing experience in their trade lines. Expectedly, the management of growth and the strains related to it have taken a toll on some of them. The large organizations are getting back up and are posing direct competition for the small businesses.
In order to stay afloat, small enterprises will need to put proactive measures to stay competitive or even earn...
Read Full Story: https://www.thesfnews.com/keeping-small-businesses-booming-as-economy-reshapes/79294
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