How did coronavirus impact small businesses?

In late March, more than 500 countries were surveyed by the SMB or small or medium business group. This survey proved to be very helpful to know about the impact of covid-19 pandemic to small businesses. Businesses including personal services, hospitality and retail companies which have fewer than 20 employees were the most affected businesses during the outbreak. These were worsely affected because they lacked cash flow and capital. They were the first to stop hiring subcontractors and employees.

Retailers who earlier relied on huge traffic in-store and many small business owner need to find new ways to improve their communication with their customers.

People are moving towards a new normal life and to match the upcoming circumstances, small business owners need to do their businesses in a new and updated way, may be through digital marketing. People who were in law firm or financial planning business and were used to a large crowd outside their offices have to switch to face time or video conferencing to meet their clients and employees. Video conferencing is of great use during the pandemic. People who are stuck at home and are worried about their businesses, can switch to social media and marketing to meet their clients and can also have a good communication and business even during these hard times. Earlier video conferencing was taken as a mere necessity. But in the coming time, people may use it as a cost saving measure and its use may continue in future.

Some people think that work from home can be taken as a benefit because they say they can be more productive in the home atmosphere. So some employees prefer work from home than in-office work.

Creativity is something which creates the best from something which is neglected. In this really hard time, people have started using new opportunities to connect with people where social media and effective and responsive web presence has made it possible for business owners to reach to their customers in a really cost saving way.

There were people who lost their jobs, saw the need of starting a new business or there were small business owners who were affected by the pandemic found a way to reorganize their business.

As Lauric McCabe, SMB's cofounder and partner says, 'businesses which faced a challenge going through the negative impact will find it really hard to go through this hard time and businesses which provide hands-on services such as home improvement and repair contractors, hair salons and spa and many dental and medical offices will confront a worst impact of covid-19. So they need to find alternative ways to solve their problems as quicker as they can'.

But everyone expect the negative impacts of coronavirus will be confronted in the best way and we will soon be more positive and powerful and will lead a normal life as we did before. So let's hope for a better tomorrow and lead our lives being happy because life goes on, it never stops'.