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For small businesses, the rough news surrounding Omicron cases is hard to hear considering the hardships they have been dealing with for the past two years. While some small businesses received financial aid or PPP loans during the pandemic, many did not. This means the recent Omicron surge has continued to add to the widespread staffing and inventory shortages.
Around 70% of small businesses were financially affected by Omicron, according to a study by Goldman Sachs. Fortunately, there are a few options to help businesses bounce back. Firstly, businesses should research funding and loan opportunities available to them outside of traditional lending. Over five million new businesses started in 2021. Consequently, in 2022, these new small business owners’ needs include raising affordable capital to scale their business, developing efficient digital marketing to get more customers, and most importantly, finding time to run their business.
How businesses can cope
Several companies will help entrepreneurs grow their businesses and offset the difficulties often associated with traditional bank lending.
Additionally, businesses can continuously highlight pandemic precautions within their staff to ease customer concerns. Careful customers who are already limiting their outside exposure won’t take the time to visit brick and mortars if they know they’re not taking precautions against the virus. Businesses need to mask...
Read Full Story: https://www.entrepreneur.com/article/417094
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