Small Businesses in the Quarantine Economy

The spread of the global COVID-19 pandemic has had a profound impact on the lives of people around the world, but it has been particularly devastating for small business owners and workers. According to the National Small Business Association, the number of small business owners who are no longer confident in their business’s financial future has increased by 18% since January. 

The governors of twenty-seven states, representing over two-thirds of the U.S. population, have issued stay-at-home orders to slow the spread of the virus. While these social distancing measures are absolutely crucial in keeping people safe and healthy, they have come with the side effect of a historic economic downturn. 

Small businesses have been hit on both sides: a reduction in the number of customers and requirements for employees to work from home. This has forced business owners to adapt and left many workers without jobs. The Washington Post reported that a record-breaking 3.3 million Americans filed for unemployment last week. 

On Friday, a $2 trillion stimulus package to combat the negative economic effects of the coronavirus was signed into law. One of the main aspects of the bill are the checks to be sent to individual taxpayers. Hopefully, this measure will take some of the burden off people’s backs, but many won’t receive their checks for another three weeks, and are struggling to make ends meet in the meantime. 

Small businesses are scrambling to financially prepare themselves amid the evolving pandemic, while also maintaining communication with consumers and employees alike. Entrepreneur Magazine recommends that small business owners utilize technology, such as virtual meeting platforms, in order to find new ways to reach out to customers in a time when in-person contact is not always possible. 

OpenEyes has been serving the small business community for 20 years and is ready to supply cutting edge tools to support the technological needs of businesses and organizations. Our experience in organizational management is an invaluable asset in developing a strategy for the coming months. With a focus on making our products and services virtual, efficient, adaptable, and dependable, OpenEyes is committed to helping our clients operate in a difficult situation.  

While it may seem like the world is shutting down due to the coronavirus, this doesn’t have to be the case because of modern technology already available in the market. In fact, technology might be the only safe way for people to stay in contact during this crisis, and for small businesses to survive.

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