Response to COVID-19 by SMBs

Goals

To determine how small and medium-sized companies are responding to the COVID-19 pandemic.

Early Findings

  • There is a lot of uncertainty surrounding the impact of the COVID-19 pandemic, especially when it comes to small-to-medium-sized businesses.
  • According to TriNet President and CEO, Burton Goldfield, liquidity will be the biggest issues that SMBs will face during the current COVID-19 pandemic.
  • In fact, many businesses have reported that they fear shutdown because of the pandemic, with about 43% of those small businesses reducing staff hours, 20% proceeding with temporary layoffs, and 38% experiencing supply chain issues.
  • A lot of SMBs are turning to the government for help and some have even considered using their savings to be able to stay open as much as possible.
  • According to Mckinsey, businesses are focusing on workforce management, supply chain stabilization, customer engagement, financial stress testing, and communication.
  • Many companies are focusing on positive-driven messages in order to keep productivity high despite harsh conditions.
  • There is also a big focus on employee safety, with companies implementing different measures such as heat sensors and working remotely.

Proposed next steps:

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