Quarantine has put the breaks on business for small establishments as well as MNCs. Since small businesses do not have the wherewithal to handle such extended periods of non-productivity, there come first in the list of the worse hit.
Small establishments work on a day to day basis with cash, they are inept at saving huge amounts as rents, stock refills, lending, and credit-based billing systems empty their coffers pretty soon.
Even the small cafes and restaurants are facing dire consequences as their business survives o customers coming every day. Earlier not having even a moment to rest due to the hourly rush, and now facing empty tables as one of their worst nightmares.
The retail sector, largely reliant on consumer confidence and the public being able to leave their homes, is being particularly badly hit. The country’s economic activity depends on SMEs – Small and Medium-sized Establishments. As these comprise not of foreign industry giants but the country’s very own entrepreneurs.
Such businesses have to thrive for a while on bank loans before they emerge as a success, but due to the lockdown with the customers locked in their homes, repaying interest loans has proved to be a cumbersome hassle.
Also, the salaries of the employees have to be paid as these shops provide employment to people who are poverty-stricken. If their salaries are not paid they would regrettably have to starve. But when the provider themselves are in need, then how would they provide respite to such people?
Of course, digital small businesses are spared a little, as they can still continue with their regular workloads amidst minor setbacks. Although the government has announced various ways in which assistance is going to be offered, help will still take time in rescuing them from their plight.
But a lot of platforms have offered help in the way no one could have imagined. They have made small businesses form an association which would help them in the long run. Go Daddy, Instagram, Facebook, Google, Amazon, are a few. They are also a number of relief programs being set up in different countries.
Various new measures have to be adopted in order for small businesses to not shutdown. Expanding their markets – a lot of companies have started designing and manufacturing masks and sanitizers. Doorstep delivery – this is essential in catering to the customer’s needs. Partnering – local shops along with digital platforms are saving either from burning out.
Not losing hope and continuously striving is the only way forward. In these times it is tough for commercial activity to take place, but once the lockdown is over, customers have to be reconnected with. For this, it is essential to keep in touch with them through emails and messages.
This is also a wonderful opportunity to handle stuff that earlier time did not permit. Such as digital up-gradation, cleaning, filing of stock, repairs, investing, content marketing, and so on.
It is a period of sorrow, but with a little effort, hope, and hard work, this time will be over soon.