The year 2020 started with the expectation that the world will move at an increased pace. The world was buzzing with innovation and growth of both small and large-scale businesses but something initiated in China in January, 2020. It was then confirmed an epidemic in China towards the start of February, 2020. Since then the world is in COVID-19 pandemic phase.
The world faced an unexpected lockdown for nearly a year. The disease persists and there wouldn't be a vaccine for another year. The lockdown affected everyone in one way or another especially the economy and small businesses.
Large businesses such as industries, brands, and others who are generating a great deal of income usually keep an amount can keep them stable even in times of crisis, but small businesses do not have such plans or strategies. So, the pandemic affects small businesses.
Reshaping of Small Businesses:
The pandemic started almost seven months ago, and it has reshaped the small business to a giant extent. Keeping a road map in our mind about the changes the small businesses faced from the pandemic, we determined the following points.