How COVID-19 Changed Small Businesses
The effects that COVID-19 has had on the world, especially small business owners, cannot be understated. For small businesses, being unable to adapt to the changing world meant they would not survive the economic downturn brought about by the pandemic. Unfortunately for many small businesses across the nation, the resulting lockdowns spelled doom. Small businesses are the backbone of our economy and protecting them is of the utmost importance. However, the pandemic altered how small businesses would have to do business for the foreseeable future.
Small Businesses Struggled to Adapt to the Crisis
At the beginning of the pandemic, small businesses struggled the most while large corporations were able to survive off their banked revenue. Many small businesses turned to online sales to continue operations as lockdowns swept the country, and most lacked the infrastructure to do so immediately. According to the Journal of Innovation and Entrepreneurship, 23% of businesses reported using digital ordering tools. Furthermore, 16% of businesses used service delivery tools and 37% of businesses used digital payment tools. Many other small businesses began to diversify their products so they could enter other markets. While at the same time, consumers were exposed to more small businesses, thanks to the internet. For family owned or small restaurant businesses, however, online service was a tougher market to break into. Even though many restaurants were able to use delivery services and online ordering, it was not enough for them to survive. Many small businesses did not have the financial resources to withstand the constant costs of working with online delivery portals with so little revenue coming in.
Small Businesses Are Recovering
Three years on from the onset of the pandemic, the restrictions and lockdowns have lifted, allowing more freedom for small businesses once again. Despite this, small businesses now are finding ways to adapt to the “new normal” post-lockdown. Those that survived the pandemic now must integrate their original business models with new trends popularized during the pandemic. For many small businesses, investing in technology that promotes “contactless” options is becoming the new way to adapt. Another lifeline for small businesses is investing and upgrading their mobile ordering systems which diversified their order queues. The struggles of small businesses during the pandemic were not lost on consumers. Many customers have begun altering their buying habits to support mainly small businesses which could use the revenue more than corporate giants.
ProSe Legal Service LDAs Can Help You Start Your Small Business
If you are thinking of starting a small business, do not wait! Our ProSe Legal Service LDAs are trained in drafting and filing small business paperwork that can help you get started as an entrepreneur. Our team understands that starting a small business is often stressful, so let us handle the heavy lifting for you! Start the new year strong by launching a new career with the help of ProSe Legal Service.
Contact us today or call (909) 497-1349 to schedule your next appointment with our team of professional LDAs!
