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An overview of recovery strategies for small business during COVID-19

Published April 24, 2020 by Shane Kersh

I believe  that if there ever were a time for everyone to unite, now would be it.With the world in the grip of the COVID-19 pandemic, countries are fighting a war on several fronts, a battle on the scale of which nobody has ever faced before.

While the ultimate priority still lies in lowering the number of deaths of infected everywhere, other problems have presented themselves to be quite serious.One of which is the lack of funding for the millions of people who are not able to go to work or attend to their businesses.

Already over a month into lockdown, countless businesses have already closed shop, with many more reporting losses and headed for closure as well.For small business owners who have yet to shut their operations down completely, is recovery still possible?If it is, what are the most effective strategies that can be used to save their enterprises?

First, struggling entrepreneurs have to realize that for their business to recover, they have to act now.Business owners have to plan out an alternate way for providing the goods and services they offer. I certainly believe in giving to food establishments such as restaurants, coffee shops, and pubs as examples. Since these businesses cannot accept customers, for the time being, many owners have resorted to take-out and delivery services to keep the business going.

The internet is a powerful tool, when utilized properly, can help companies even in the darkest of times.

A huge factor here is that because so many people are also on lockdown, they, too, need goods and services and are heading online for the best places to purchase what they need. From groceries to appliances to home gym equipment, people will always need to shop.

However, for many small businesses, online solutions are not enough.Sometimes, more drastic measures are required.As hard as it is to do, some business owners have had to lay off employees to keep the business alive.Other companies have even resorted to selling assets to make up for lost profits.

Going back to what was mentioned, whatever strategy entrepreneurs use to keep their business afloat, I believe  that they should do it today.

Tags: COVID-19, coronavirus, small business, recovery

References:

https://www.natlawreview.com/article/business-continuity-planning-during-coronavirus-covid-19-pandemic

https://www.greeleytribune.com/news/in-the-midst-of-covid-19-pandemic-local-small-businesses-prepare-the-path-toward-recovery/

https://q13fox.com/2020/04/07/small-business-owners-look-to-grants-loans-to-recover-from-covid-19-pandemic/

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