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