Business
May 24, 2021 at 13:10pm

Impact of COVID 19 on Businesses Worldwide

COVID – 19 had a significant impact on small and medium-sized enterprises (SME) in Issaquah. Business articles and the internet are flooded with news on how small businesses, especially start-ups were shut down and employees were laid off due to the lockdown that extended for months. This is true all over the Washington. The unemployment rate surged to a massive level. Unlike big multinational companies, small businesses are much more financially fragile. Furthermore, the lockdown has added a loss of revenue. This has vastly disrupted the operations of small businesses.

Despite the adversities, the pandemic has brought some positive changes in businesses. For example, businesses have implemented a more flexible way of working. Employees can now work from home and even businesses are hiring and onboarding new employees virtually. This flexibility has turned out to be motivating for most employees and therefore resulted in better productivity and increased loyalty. The flexible working style is also making great use of the technology. Virtual meeting platforms like Zoom, Skype, Google Meet, and WebEx have significantly gained popularity and businesses are making frequent use of them.

Though the COVID – 19 pandemic is still ongoing, the way businesses are operating varies widely across industries. Big multinational companies are operating as usual with far less impact compared to small companies and newly built start-ups who are still struggling to recover from the losses.

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