As COVID-19 continues to have a ripple effect worldwide, small businesses must brave new challenges to stay in business. Some of these issues include sick employees, demand shock, and travel and supply chain disruptions.
To keep your small business ahead of the virus, we’ve gathered a few tips to push through this challenging time.
As a business owner, your greatest asset is the health of your employees. Unfortunately, 90% of employees admit that they still go to work even when they’re ill. Sick employees can not only affect your bottom line, but they also put customers and other employees at risk of catching their illness.
Most small businesses can expect a significant drop in consumer demand. As more customers practice social distancing and self-isolation, fewer individuals will be in crowded places like malls, restaurants, and theaters. As brick-and-mortar stores face slower foot traffic, many businesses are temporarily closing down.
Foreign visitors typically spend $256 billion on US travel and tourism a year. However, with the recent travel ban to the US from 28 European countries and massive vacation cancellations, small businesses must deal with the fallout. Businesses in the hotel and hospitality industry are especially at risk to suffer losses.
Since many businesses primarily rely on China to manufacture parts, supply chain restrictions will continue to be a major concern. According to a recent report by the Institute of Supply Chain Management, 75% of businesses have experienced supply chain disruption due to COVID-19. As companies scramble to find new suppliers, expect long delays to secure products and parts.
With the state of small businesses in flux, businesses must evolve to meet current challenges. Here are a few ways your business can adapt to keep the lights on.