Response to COVID-19 by SMBs

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Response to COVID-19 by SMBs

Even though SMBs are facing challenges related with the COVID-19, there has been adequate state and federal funding to assist with this impact. Some best practices in this season include prioritizing, thoroughly cleaning the offices, and creating clear communication channels.

CHALLENGES

Remote-Related Challenges

  • This pandemic has forced small businesses to support remote working, which is something they did not expect to do. These businesses may not have the capacity, in terms of technology, to support remote workers at scale. 

Security Threat

  • Cyber-crimes have been on the rise since the COVID-19 pandemic began. These criminals are using a map of the infections and deaths to spread malware.
  • Securelist warns of one that targets Facebook Messenger, which will significantly affect SMBs. Companies are now faced with the burden of providing/scaling up the security for their remote network.

Loss of Business

CURRENT RESPONSE

ICT Demand

  • SMBs are showing an increase in ICT demand as remote work networks are being utilized/established. They will now be forced to reach their customers/market on a digital platform as well.
  • After this crisis, it is predicted that most SMBs will prioritize spending in different ICT categories.

Response Toolkit

  • The US government has provided various resources such as the Coronavirus Response Toolkit.
  • This toolkit, prepared by the US chamber of commerce, is being used to help businesses and people understand and navigate the current pandemic. These guidelines inform business owners to keep customers and employees safe. The toolkit provides a checklist that provides insights into priorities and plan out strategic communication for employees and customers.

Disaster Assistance Loans

  • SBA is offering loans of up to $2 million to businesses that the virus has affected. These federal funds will be released in coordination with state governors.
  • These disaster recovery loans will be offered to businesses so that they pay off debts, payroll, and any additional bills.

Statewide and Federal Assistance

BEST PRACTICES

Prioritizing Critical Operations

Proper Cleaning Procedures

Implement Teleworking

Stay Informed

Communicate

  • As new information comes in, companies need to communicate with their employees and make all the necessary adjustments, as employees also help in identifying gaps and make any necessary improvements. Regular communication ensures that consistency is maintained, limiting misinformation.

Research Strategy

Our research team could provide information for SMB and small businesses. In some sections of the research, we could not provide insights for SMBs as a whole and concentrated on small businesses. Our research analyzed various articles and publications in media sites such as the New York Times and WSJ and industry reports.
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