The rapid spread of COVID-19 has shaken up economies all over the world. We’re in the midst of what economists say is an unprecedented global collapse in production, sales, and business confidence. One of the largest sectors affected by this are the small business owners and entrepreneurs that comprise 90% of the total business population. Without swift government action, even the healthiest of small firms are at risk of bankruptcy. Designs.ai has put together a list of the primary impacts of the COVID-19 global pandemic on small businesses.
1.) Reduced consumer spending
2.) Decreased popularity of brick-and-mortar stores
3.) Lack of in-person business opportunities
4.) Risk-averse investors
5.) Major supply chain disruptions
READ THE FULL ARTICLE HERE:
https://blog.designs.ai/2020/03/30/how-will-the-covid-19-global-pandemic-impact-small-businesses/