• Advertise
  • About us
  • Terms and Conditions
  • Contact us
Sunday, December 10, 2023
Australian Times News
  • News
    • Weather
    • Sport
    • Technology
    • Business & Finance
      • Currency Zone
    • Lotto Results
      • The Lott
  • Lifestyle
    • Entertainment
    • Horoscopes
    • Health & Wellness
    • Recipes
  • Travel
  • Expat Life
  • Move to Australia
No Result
View All Result
  • News
    • Weather
    • Sport
    • Technology
    • Business & Finance
      • Currency Zone
    • Lotto Results
      • The Lott
  • Lifestyle
    • Entertainment
    • Horoscopes
    • Health & Wellness
    • Recipes
  • Travel
  • Expat Life
  • Move to Australia
No Result
View All Result
Australian Times News
No Result
View All Result
Home News Business & Finance

How are smaller businesses staying afloat during the pandemic?

The Covid-19 pandemic has completely changed the global economy after leaving bigger and smaller businesses and companies struggling to stay afloat.

Alan Aldridge by Alan Aldridge
11-01-2022 19:44
in Business & Finance
How are smaller businesses staying afloat during the pandemic?

How are smaller businesses staying afloat during the pandemic? Image credit: Pixabay Ronald Candonga

At the beginning of the pandemic, we witnessed major shifts in big stock markets happening. For instance. While the US and Asian stock markets managed to recover quickly, the FTSE is still struggling with major pitfalls that are directly related to the ongoing pandemic.

Back in 2020, the FTSE’s performance rate dropped by around 14.3% and this is its worst performance since the financial crisis from 2008.

In response to negative trends across all stock markets, most central banks, including those in Australia, the United Kingdom, and the United States increased their interest rates.

In theory, increased interest rates should encourage recovery of the global economy, but more market volatility is expected in the months to come due to possible new lockdowns and restrictions.

2021 was an extremely hard year for all job seekers as well. In all major industries, unemployment rates have skyrocketed. After governments ordered companies to shut down their offices, many turned to video conferencing as a way of keeping in touch with their employees.

At the same time, many people lost their jobs. According to a report by International Labour Organization, the Covid-19 pandemic could potentially increase unemployment by over 25 million.

Essentially, the ongoing coronavirus pandemic has negatively impacted the global economy in many different ways, and bigger and smaller companies were forced to get creative to stay afloat.

AlsoRead...

trading

Try Before You Buy: Why Budding Financial Traders Should Practice with Demo Accounts

7 December 2023
cedit card

Mastering credit card payments on your eCommerce site

6 December 2023

Strategies Companies Embraced to Survive During the Pandemic

Engaging in creative, innovative thinking is essential for companies of all kinds during these rough times. The coronavirus pandemic was even more challenging for smaller businesses and businesses that recently opened their doors.

One survey conducted by National Small Business Association suggests that over 77% of owners of smaller businesses are extremely worried about the negative impact of the Covid-19 pandemic.

Almost half of the surveyed small-business owners also believe a major recession is inevitable. While governments tried their best to tackle the negative impact of the coronavirus pandemic on their countries’ economies, many business owners decided to take the matter into their own hands.

To stay afloat, business owners shut down their offices as suggested by the World Health Organization. To stay in touch with their employees, they created new business plans that involve communicating online as much as possible.

Embracing online communication options, companies managed to keep their workforce and continue working. Essentially, they focused on promoting their services and products online via their social media platforms and their websites.

In order to keep their loyal and new clients engaged, they embraced more innovative and creative business models. Companies and businesses struggling to stay afloat understood the importance of getting creative and working on boosting their online presence.

In other words, they enriched their websites and started posting more engaging content on their social media platforms. Some companies also employed bloggers who work from home.

Many small business owners also relied on their community to stay afloat. Others embraced a new business approach that involved offering loyalty incentives to their customers, such as gift cards and special vouchers.

In order to connect to their customers on a more personal level, both smaller and bigger companies enriched their customer care services. Instead of sending automatic email responses and generic social media content, they started sending manual “Thank You” notes and handwritten letters.

Similarly, they started responding to comments on social media platforms to keep their customers by making them feel more appreciated. With most governments providing financial help to smaller businesses, many benefited from special rescue and loan programs.

Tags: CEcLfsppCncSP
DMCA.com Protection Status

SUBSCRIBE to our NEWSLETTER

[mc4wp_form id=”2384248″]

Don't Miss

Try Before You Buy: Why Budding Financial Traders Should Practice with Demo Accounts

by Tanyaradzwa Pamhirwa
7 December 2023
trading
Business & Finance

Studies conducted over the last few years have determined that Australia has the largest FX/CFD trading market per capita in...

Read more

Australian Horse Racing Betting 

by Tanyaradzwa Pamhirwa
6 December 2023
Australian Horse Racing
Gambling

The thundering hooves, the thrill of the race, and the elegance of the horses make Australian horse racing a captivating...

Read more

Mastering credit card payments on your eCommerce site

by Tanyaradzwa Pamhirwa
6 December 2023
cedit card
Business & Finance

Credit card payment providers open you up to an international audience, enabling you to boost your revenue opportunities.

Read more

Integrating Wood Floors into Your Home Decor: Color and Texture Perfection

by Tanyaradzwa Pamhirwa
4 December 2023
Wood Floors
Lifestyle

The right wood floor can elevate the aesthetic of your entire home, harmoniously blending with your decor while adding its...

Read more

Before You Bet AFL: These are the Best Sportsbooks for AFL Bets

by Tanyaradzwa Pamhirwa
30 November 2023
AFL
Gambling

Before you bet AFL games, check out the sportsbooks we've reviewed specifically for making AFL sport bets on the Australian...

Read more

Choosing the Right Size Center Table for Your Philippines Home

by Tanyaradzwa Pamhirwa
30 November 2023
Philippines
Lifestyle

A well-chosen center table can be the focal point of your living space, and it's important to choose one that...

Read more

How Many Followers Do You Need to Make Money on Instagram?

by Tanyaradzwa Pamhirwa
30 November 2023
Instagram Followers
Technology

In recent years, Instagram has transcended its original purpose as a simple photo-sharing app, emerging as a powerhouse in the...

Read more
Load More

Copyright © Blue Sky Publications Ltd. All Rights Reserved.
australiantimes.co.uk is a division of Blue Sky Publications Ltd. Reproduction without permission prohibited. DMCA.com Protection Status

  • About us
  • Write for Us
  • Advertise
  • Contact us
  • T&Cs, Privacy and GDPR
No Result
View All Result
  • News
    • Weather
    • Sport
    • Technology
    • Business & Finance
      • Currency Zone
    • Lotto Results
      • The Lott
  • Lifestyle
    • Entertainment
    • Horoscopes
    • Health & Wellness
    • Recipes
  • Travel
  • Expat Life
  • Move to Australia

Copyright © Blue Sky Publications Ltd. All Rights Reserved.
australiantimes.co.uk is a division of Blue Sky Publications Ltd. Reproduction without permission prohibited. DMCA.com Protection Status