Impacts of Corona-Virus COVID-19 on Small Businesses
If you listen to the latest news reports, you may learn that a record number of businesses have struggled since March of 2020. The statistics of small business closures is scary and the numbers show how devastating the Corona-Virus has been across the country. For those of us that are still open, it does not mean we are “out of the woods” just yet. In fact, next time you drive by a local shop or restaurant in your neighborhood, just know that it may not be part of the closure statistics, but the struggle is most definitely real.
When the full lockdown occurred March 16th, 2020, we joined the many Las Vegas businesses that suspended operations while trying to maintain staff. It was horrifying to think that your employees would be thrust into unemployment without the certainty of if or when they could pay their bills. Like many businesses we dug deep and continued payroll for several weeks even though our revenue sources had ceased. The great hope was pinned on the stimulus bill and the rather infamous PPP program...but that money came simply too late for so many businesses and nearly for us as well.
How did we make it to January 2021? Adapt, restructure, and try again...over and over. This was a continuous process for our business for the past 9 months. PPP money may have put a band-aide on payroll during the closed period, but any level of reopening of the economy would fail to deliver the same level of revenue streams small businesses had access to before the pandemic started. On average, the revenue obtained in the months since the Las Vegas economy reopened resulted in over 60% less than average revenue before the corona-virus hit. When you are trying to keep your operating costs the same, the numbers obviously don’t work.
Like so many, our business has suffered lost revenue, layoffs, and other setbacks. And, now, while our first quarter of 2021 may be the greatest struggle yet...we see light at the end of the tunnel. We have restructured yet again to scale our operations so that we can target customers that have not been hit as hard financially such as construction companies and healthcare providers.