Small Business Will Survive
Large Corporations may have more in capital, but they can be cumbersome and bogged down with too much red tape, making change slow and unwieldy.
We hear the stories about small businesses closing due to Covid and the crashing economy. We see the empty storefronts and restaurants in our communities. Not all will survive this enormous threat hanging over their heads, crushing years of hard work and wiping away dreams that are now nightmares.
What will emerge are the small businesses that quickly adapted. Those that maintained flexibility to change with the times and to make rapid decisions. Who saw opportunities in the midst of chaos and confusion and will create and innovate to keep up with or ahead of the moment. It will be the businesses that will do whatever it takes — who survive.
At the start of quarantine, small manufacturing businesses, like Eddyline Kayaks, quickly adapted from making kayaks to manufacturing face shields to help local health care workers. Sign companies were suddenly the source for acrylic barriers (sneeze guards,) now mandatory in most businesses.
Restaurants got hit hard during the beginning of Covid. Most had to learn quickly to be flexible in order to stay in business. Many hurriedly found innovative ways to adapt in a rapidly changing climate and with regulations changing they way they did business almost daily. Most sit-down restaurants at first struggled to change into doing takeout, but once they found their groove, their creative side sparkled and they created unique dining-at-home experiences that never tasted so good. Restaurants that did takeout before Covid, found it easier to adapt and watched as their customer base grew.
Read more in this article — Post Covid-19 Restaurant Innovative Trends
Some online businesses catapulted into stardom. With everyone working from home and teaching going online, ZOOM rushed to the forefront for businesses and education alike. Many small businesses (and large ones) who provide shopping experiences online found sales growing. The medical community for years struggled with Telemedicine, suddenly the health industry swiftly moved Telemedicine to the forefront and patients were finding themselves communicating with their doctors on a screen.
Small businesses through the years have always been flexible, adaptable, and innovative, especially during a crisis. Covid has taught us many things, it has taught us how we need to move fast, adapt quickly, and listen to our instincts. Some won’t make it, but those that do will take us to the next ‘new’ normal and some will take us beyond.
With Covid-19, we are already seeing early signs of a shift in how consumers and businesses behave. — Hamza Mudassir — COVID-19 Will Fuel the Next Wave of Innovation
We will see innovative opportunities come out of this crisis.
Businesses that evolve and innovate to meet the growing customer demand, while adding value to address the current crisis will stand to win. — Top Emerging Business Opportunities Post-COVID-19