PROBLEMS FACED BY BUSINESS DURING PANDEMIC

Issues that Affect Management of small Business during pandemic and how to

overcomes the problems
Supply Chain Difficulties Hindering Operations
It’s safe to say that small business struggles connected to the novel coronavirus
span all industries. However, some sectors find themselves much harder hit than
others. Many travel brands wonder how to entice people back to their
businesses.

In Ireland — a country famous for its vibrant pub culture — publicans cannot
reopen unless they serve substantial meals with customers’ drinks. Many are not
equipped to do that and decided serving food is prohibitively costly.

Industries that heavily rely on goods shipped from elsewhere faced obstacles,
too. For example, 30% of U.S. building supply imports come from China. Since
COVID-19 originated there, construction companies were among the first to
experience severe supply chain slowdowns. Even Amazon came under pressure,
too. Supply chain difficulties meant that many people who shopped there in
March 2020 noticed more sold-out items or found that deliveries arrived late.
Returning to small businesses, specifically, a survey of more than 100,000
owners in the United States examined COVID-19’s impact on supply chains,
among other things. The results indicated that 44.9% of overall businesses
reported supply chain disruptions. However, the total climbed to 65.8% in retail,
61.4% in health care and social assistance and 49.6% in manufacturing.
Protect your supply chain by communicating with your usual suppliers and
determining whether they have the resources to fulfill your needs for the
foreseeable future. When necessary, investigate how new suppliers might help fill
the identified gaps. If supply chain problems affect customers, be honest with
them about possible delays or prolonged product outages. Let them know
everything you’re doing or have done to minimize issues.

Cash Flow Shortages

The difficult thing about the novel coronavirus’s unprecedented nature is that no
one knows how long it will threaten society. In the early days of the public health
crisis, many people hoped the virus would not spread, or that it would prove a
relatively short-term problem. Most small business owners know it’s wise to save
for emergencies, but they don’t anticipate these dire situations to last for months
with no end in sight.
A survey of more than 5,800 small businesses began examining the severity of
that reality. Researchers polled participants in late March and early April. One
finding indicated that 75% of enterprises only had enough cash on hand to last
two months or less. Relatedly, 72% of businesses expected to keep operating
through December if COVID-19 only lasted a month, but the segment dropped to
47% if it persisted for four months.

If your business is going through cash flow problems, consider applying for some
available loans. The Small Business Administration (SBA) has several temporary
COVID-19 assistance options to explore. That organization formerly offered the
Paycheck Protection Program. This initiative expired, but other supports remain
in effect. You can also reach out to your credit card provider. Some allow people
to defer payments or pay less during the pandemic.