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How will the COVID-19 global pandemic impact small businesses?

The rapid spread of COVID-19 has shaken up economies all over the world. Weu2019re in the midst of what economists say is an unprecedented global collapse in production, sales, and business confidence. One

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How will the COVID-19 global pandemic impact small businesses?

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  1. How will the COVID-19 global pandemic impact small businesses? A PRIMER BY DESIGNS.AI

  2. REDUCED CONSUMER SPENDING Given employment uncertainty and increasing health risks, consumers are seeking to cut costs as much as possible especially for non-essential products and services. ● Goldman Sachs projects that global sales will likely drop by 24% in the second quarter of the year. ● https://blog.designs.ai/2020/03/30/how-will-the-covid-19-global-pandemic- impact-small-businesses/

  3. DECREASED POPULARITY OF PHYSICAL STORES As much as 98.6% of all physical retail establishments are small to medium enterprises. ● Despite predictions of a looming recession, 44% of small businesses have not taken any measures of preparation. ● https://blog.designs.ai/2020/03/30/how-will-the-covid-19-global-pandemic- impact-small-businesses/

  4. LACK OF IN-PERSON BUSINESS OPPORTUNITIES The cancellation of major tech events earlier this year have incurred over $1 billion in direct economic losses. ● As much as 53% of U.S. B2B marketers consider in-person events and trade shows an effective channel for driving conversion. ● https://blog.designs.ai/2020/03/30/how-will-the-covid-19-global-pandemic- impact-small-businesses/

  5. RISK-AVERSE INVESTORS The global growth rate will likely be cut by 1.5% in 2020 — over half of what global economies would have achieved otherwise. ● Economists fear that the COVID-19 pandemic may lead to a global recession worse than the 1997 Financial Crisis. ● https://blog.designs.ai/2020/03/30/how-will-the-covid-19-global-pandemic- impact-small-businesses/

  6. MAJOR SUPPLY CHAIN DISRUPTIONS One factory owner in China stated that he expects production delays to cost his company a 30-40% decrease in annual revenue. ● Even SMEs in countries barely hit by the pandemic will likely experience supply chain issues given today’s level of economy interconnectedness. ● https://blog.designs.ai/2020/03/30/how-will-the-covid-19-global-pandemic- impact-small-businesses/

  7. READ THE FULL STORY HERE: https://blog.designs.ai/2020/03/30/how- will-the-covid-19-global-pandemic-impact -small-businesses/

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