For most small businesses, if they are to survive the coronavirus and its aftermath, it is time to change the way they do business.
The coronavirus pandemic has pushed the economy into a slowdown of unknown severity. It could be a long, drawn-out recession, or a sharp dip followed by a swift recovery. Investors are already anticipating several epicenters of economic pain. Oil companies, airlines, hotels, restaurants, retailers and automakers will report steep losses and issue forecasts for the coming months.
It is no surprise that the virtual lock-down of large swaths of the worldwide population has delivered a big blow to the economy, which is driven by consumer spending. But investors are intensely interested in whether traditional businesses will be able to survive and adapt to potentially huge changes in consumers’ spending priorities.
In industries that are seriously hammered by the outbreak, some might do better than others. In the restaurant industry, for example, some chains are more likely to thrive when most diners are not leaving home much or at all. Chains with an established takeout and delivery business, such as Domino’s and Papa John’s, are growing fast with the help of online ordering, while other fast-food companies that are heavily dependent on business from commuters might struggle.
The same may be said for all businesses large or small, from Amazon to the small corner business with an established E-Commerce Online Store Set Up. These businesses are and will be still growing fast in the aftermath of the coronavirus with the help on their online ordering service. Most other traditional businesses that are heavily relying and dependent on business from commuters are already struggling and some are most likely not to survive.
You are a small business and you want to survive! You want to thrive in the aftermath of the pandemic and you do not have and E-commerce Online Store! Maybe it is time for you to consider the need to change how you do business.