Business
Small business responds to Covid crisis
So, now what?
Their stores closed. The offices are vacant. Their income limited.
Small businesses had to answer the question of what they can do right now.
And, for the most part, they did.
About 92 percent of small business owners reinvented themselves, according to Small Biz Trends.
Digital technology was the answer to many small businesses.
– 58% created new online delivery channels.
– 40% created a new virtual service.
– 36% made a new offline delivery channel.
– 31% created a new product.
– 19% worked for a new customer group.
Small restaurateurs and stores selling unique goods all could have had a website presence, but many owners were too busy to make it happen before the coronavirus crisis. When lockdowns happened, they had to set those up.
Virtual services are not just for schools. Trainers, chefs, music teachers all have tried to involve local customers in virtual classes. While they might find new customers, the same services also find they compete with existing businesses online.
For some, new products have helped. Some small manufacturers began making the things most in demand: masks and sanitizers, for example. Breweries made sanitizer. Pillow companies made masks and medical scrubs.
For some, it has worked. Fifty-one percent of businesses that did a pivot say they have increased business against forecasts. But small businesses are still facing issues with skills and staffing for new skills, as well as a lack of money.
