Uncertainty among Small Businesses
The current Coronavirus situation is causing uncertainty. Moreover, it is impacting small businesses. That is to say, small businesses are facing challenges due to the Coronavirus situation. Subsequently, business owners are too facing troubles and trying their best to cope with the situation. Certainly, they have to deal with their clients on a daily basis. Therefore they have certain concerns regarding their business, employee, and customers.
Instability for Small Businesses
Certainly, businesses are witnessing a financial downfall during this pandemic situation. Because people are staying at home for their safety, they are avoiding unnecessary shopping. Further, this situation may lead to the complete closure of retail stores. This pandemic certainly has the potential to wipe out millions of jobs in the coming months.
Closed Stores; reason for a setback for Small Businesses
Such concerns are really impacting small business. Further states have also issued strict rules regarding the closure of stores except for pharmacies and supermarkets. Even in states where the government has not issued such orders, store owners have either reduced their business hours or have closed their stores on their own because of safety.
Common Small Business Concerns regarding Coronavirus
In this article, the Teranoid team has come up with some common concerns that small businesses have regarding the current Coronavirus situation. Let’s discuss below what their major concerns are:
Concerns of Small Businesses (Restaurant Owners)
Certainly, restaurants are facing loss and are concerned about their business. Further, there is a massive disruption in their income system and business strategies. Moreover, restaurants have been banned from allowing dine in. Consequently, because of the current situation, not just small restaurants but also big chains are expected to lose sales and billions of revenue. In addition, according to The National Restaurant Association, seven million restaurant jobs are expected to lose in the coming three months.
Concerns of Small businesses regarding Employees
Small Businesses are also concerned about their employees refusing to work. That is to say, because of panic and fear, employees may leave their jobs and refuse to work. However, employees can only refuse to work in case they are suffering from the pandemic and are in a situation that requires them not to continue their work anymore. In other words, employees can stop working if they are in imminent danger. That is to say, if their life is at stake.
Impact of the ban on traveling for Small Businesses
There are businesses that are associated with traveling. However, we are aware that travel has been prohibited during these times. Certainly, this is another major concern of business owners.
Problem Managing Solutions
Another major concern that retailers are facing is that their business is not proceeding the way they had planned. Therefore retailers are concerned about the lockdown. Further, what can businesses do if they are facing disruption in their business proceedings? So, retailers and business owners can take the following steps in case they have to close their businesses temporarily.
Low-interest Loans
It is advisable if businesses can take low-interest loans so that their cash flow keeps running, for example, paying employee pays, rent, bills etc.
Employee Dependency
Secondly, ensure that the company should not be entirely dependent on any employee. That is to say, in case they are on leave or in quarantine, the company must not experience any loss or setback due to their absence. Further business owners should ensure that they have all the necessary passwords in one place.
Conclusion
We at Teranoid understand that the Coronavirus is impacting the entire world, let alone small businesses. Therefore we realize how businesses and their sales are suffering in this difficult time. Because the times are uncertain, therefore businesses are looking forward to the healthy and normal environment after the Coronavirus.