While there’s no way of knowing what the future brings in regards to coronavirus (COVID-19), one thing is for sure: the escalation of the virus has impacted millions of businesses and employees the world over.
To date, the effect of coronavirus on small and medium-sized businesses (SMBs) has been far-reaching. Consider the following:
- Unemployment claims are on the rise: With companies laying off and furloughing employees at a record pace, unemployment claims continue to rise. It’s believed that the next update from the U.S. Department of Labor could match the last one, which saw 6.6 million claims.
- Businesses remain closed: Thanks to stay at home orders in the majority of states, non-essential businesses are unable to operate. As a result, they’re burning through cash, unable to pay employees, and wondering when the end will come.
- Some businesses are closing permanently: Even with the government doing its best to help SMBs make it through the coronavirus battle, many businesses have made the difficult decision to close its doors permanently. Rather than continue to rack up debt and search for ways to ride out the storm, they’re cutting their losses with the idea of reassessing when things return to normal.
With each passing day, circumstances get a little more difficult for many SMBs. Fortunately, there’s light at the end of the tunnel. And when the time comes to reopen the economy, it’s the hope of everyone that SMBs will return to business as usual.
For more insights on marketing strategy that actually works for small business, connect with Jay Bean, Founder of FreshLime and Small Business Marketing Expert on LinkedIn and Twitter. If any of these tips have helped you or if you have anything to add, please comment below. We’d love to hear from you!