How Covid-19 is Affecting Small Business

Posted by Lesley Haverford on March 23rd, 2020

It’s quite impossible to escape the news related to coronavirus lately - the news about this virus is everywhere. Most of the news is focused on keeping people updated on how many people got infected by now; encouraging people to stay at home to keep the curve flatten; explaining what are the symptoms of this virus and which group of people are affected by it the most. Unfortunately, not that much information and news are focused on the economy and which difficulties big companies are dealing with, especially small business companies. No matter which epidemic affects the humankind, it's almost certain there are and there will be economical consequences that will follow that unfortunate event. Let's take a look and inform ourselves about how coronavirus is affecting and hitting the business, especially the small ones.

Common Issues 

There are some common issues and difficulties you may run into as a small business during these harsh times. Some of which may be: 

Supply Chain Deficit – The important measure you should take care of is to make sure you have enough adequate supplies for a longer period. This will help you keep your business going during these times.

Workforce and its capacity – You must provide your workers with adequate equipment so both you and they are protected. This way your workers will be able to complete their tasks and duties with less concern when that they’re protected. 

Capital – Unexpected situations like these can have an impact on small business and their capital. This may leave small businesses dealing with difficulties such as – maintain inventory, capacity to make payroll for its workers, and the possibility to respond to fluctuations of the market. To be more prepared, it's important to explore the capital access of your small business to make sure you have what you need when the time comes for that.  

Prepare a Plan – During this crisis, it's important for you, your business and your employees to make a plan for what you'll do in case the crises gets worse or improves. Bring your staff (it's advisable to organize an online meeting) and make a plan together. Your employees and you may find it helpful to organize an exercise in which you’ll stimulate potential scenarios of what you may expect to happen and how you and your employees would respond to it.

Cleaning Costs – During this virus crisis it's important to keep yourselves and your working environment clean to reduce the risk of getting infected. The intensity and frequency of cleaning the surfaces and yourselves will increase and so will the need for cleaning supplies and materials. Make sure you and your business meet this increased demand.   

Make Communication Changes 

To keep your business going during this virus epidemic, make sure you communicate efficiently and effectively with your clients because this is now the only possible way to keep your relationship with them. Make sure you use this opportunity to build trust with your potential clients and current ones. It’s quite likely your business is affected by the virus and some changes were made. Make sure you keep your business description and working hours updated and available for your clients to see them. Add up in your business description what kind of precautions you’re taking and how you expect your clients to behave. This way people will be informed when they can stop by and what they should have in mind so both they and you are cautious. It’s very important for you to communicate openly with your clients and customers and to let them know which protective measures you’re taking, and how they’ll be protected when visiting your business. 

Marketing 

You may face some changing market demands as there may appear public concerns about being exposed to an incident. This means, your customers may decide not to reach your business and not to go there because they may be concerned about exposing themselves to the risk of being infected. The question that may arise during this crisis is whether you should market your business during these times. With the right steps taken, the right approach and tone it’s okay to market your business during this virus crisis. If you need help with attracting the audience to your site you'll likely need search engine optimization. This is a simple strategy that can improve your site's rankings. SEO is a crucial component of modern marketing strategies. No matter the location of the SEO companies and agencies (eg. SEO based in London, SEO Brisbane, etc) they all pretty much have the same goals which are to satisfy your business’ needs. 

Summary 

When a pandemic like this one happens it doesn’t affect just the health of the public. It also affects the economy of the country and all the businesses in it. During this pandemic government and health officials are doing their best to maintain the security, safety and health of its people. Schools, universities, cafes and restaurants have closed down in almost every country in the world due to this virus crisis. These are some of the steps which are taken to prevent and minimize the spread of this virus. It's almost certain this all will affect both the local and national economy. Small business is about to face some difficult times and situations. If you have a small business and you still keep it going, make sure you keep yourself and your employees safe to reduce the risk of exposing yourselves to greater risk. It’s important to take necessary precautions steps during the time of the crisis and to find a way of managing your business with restricted possibilities.