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Covid-19 Effect on Small Businesses

kavish Arora - May 26, 2020 - 0 comments

”It takes a lifetime to build a business, it took a pandemic to shake them all.”

The outbreak was first identified in Wuhan, China, in December 2019, and in a minuscule amount of time, the pandemic rages across India as well. As much as it’s affecting lives, it’s only fair to say that COVID has partially wrecked the economy of our country.

“What a year these few months have been!”

Tech, Insurance, Sports & Entertainment, Travel & Tourism, Retail & E-commerce, Real-estate, Home Décor, Manufacturing & Transport, to name a few, majorly every small and large sector has fallen prey to a plethora of challenges since the pandemic’s fallout. Owing to the import crisis, the disruption in the supply chain, and a recession in demands, businesses have been forced to down their shutters. Production has slowed down, goods are not being delivered and anything non-essential is receiving less weightage by the consumer. The situation is on the grimmer side and the market is struggling to crawl its way up. 

“The COVID-19 pandemic continues to evolve. Now what?”

Desperate time calls for desperate measures. Now’s the time to shift focus to steps that can be taken to ease a return to work. And here’s how businesses are swiftly making that shift – from going digital, to establishing virtual work strategies. 

Of late, most business affairs have taken things online to resist getting upended. Virtual product launches, non-print format marketing, online inquiries and bookings, e-books, e-catalogs, etc., these are all solutions that have been implemented to introduce the customer to a digital reality. Manufacturers are staggering new orders in high gear, as the lockdown has thrown up several opportunities in terms of choices available and the scope for negotiations is also high at the moment.

“Make in India” is another arrow within thequiver wherein businesses areurging the govt to think aboutsubsidizing domestic production. Once, the Indian government, through various policy initiatives, aims to ensure scale and profitability, the local manufacturers will be empowered enough to increase production. This will not just cater to the domestic market but the products can also be exported across the globe.

“If courage is contagious, ignorance is pandemic.” The COVID-19 pandemic has come with unexpected variables, most of which our businesses with their existing crisis plans weren’t prepared to handle. However, this is the time to leverage the situation and look ahead to adapt your business into a Digital ready business for the coming months, and you may reach out to us for availing digital marketing services that can give you the desired results in the coming time. 

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