Don’t let the pandemic wear away the workforce.

The Coronavirus (COVID-19) has hit us hard. Many groups have seen impacts in unique ways, however some groups have suffered in unique ways. Employers are preparing to emerge from this crisis by preparing to develop and apply creative ways to support the hardest-hit groups, which requires the rethinking of long-held beliefs.
To examine the influence of COVID-19 on small businesses, a study was conducted taking into account more than 5,600 small businesses. These small businesses have been at the losing end of the US economy for several years, however, nothing has deteriorated their growth further than the way the COVID-19 crisis has. Thousands of small firms have been driven out of business, while their larger counterparts have largely endured.
In late March, the Small & Medium Business Group studied more than 500 businesses. Their findings showed which small businesses were most impacted, and outlined expected changes that would be part of the economic recovery.
The pandemic impact varies by type of business, with these three categories most affected: personal service, hospitality, and retail. The smaller the companies, the harder they hit, with companies with fewer than 25 employees affected.

Which Small Businesses Are Most Impacted?

  • service Workers
  • Construction or Mining Workers
  • Sales Workers
  • Transportation Workers
  • Manufacturing/ Production Workers
  • Installation, Maintenance/ Repair Workers
  • Healthcare Workers
  • Clerical/ Office Workers

Survival of Small Businesses during the Coronavirus Pandemic

Many businesses shut their doors due to the pandemic. While some may never reopen, others are ramping up their business and hoping they never have to shut down again. Though many small businesses failed, many survived and planned to use innovations adopted during the pandemic to drive revenue and generate new opportunities as the economy recovers, however, the impact on millions of employees nationally is uncertain.
Small businesses across America must weather the coronavirus pandemic. They are vital to the nation’s economy.

Here are some ways entrepreneurs can protect themselves.

  • Secure liquidity
  • Ensure access to capital
  • Engage with policy-makers

Major Challenges for Entrepreneurs Curing the Pandemic

  • Taking action and moving forward.
  • Keeping up with legislation.
  • Dealing with information overload.
  • Finding balance and achieving a healthy mindset.
  • Selecting the right focus

Conclusion: Small businesses engage almost 50% of workers across the United States. A poll conducted in April 2021 concluded that roughly 27 percent of small businesses engaging in the poll claimed a negative impact on business due to COVID-19. A mere 2 percent of businesses claimed that the pandemic left a positive effect on them. Business owners have decided to increase the workforce and remodel their enterprise structure to grow.