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the effect of the covid pandemic on small businesses - Coggle Diagram
the effect of the covid pandemic on small businesses
positives
is encouraging consumers to buy local since they cannot go far from their homes
businesses with a purely online presences have seen more sales due to the increased use of online shopping
increased the sense of community?
demostrated to consumers how useful the high street can be
links
e-commerce
overall economy
negatives
very damaging to businesses that rely on foot traffic to make sales
reduced profits has left businesses struggling to pay for the costs of the business
some smaller businesses who may only have a few employees may not be able to keep up with the furlough pay
it is making the high street become more obselete as more shops close more people turn to online shopping
possibly lots of loans being taken out leading to large paybacks per month
links
inflation
loans
profit margins
effects
lots of store closures
difficultty paying for fixed costs of the business such as rent
more online shopping
unaffected growth of large chains and mass market brands especially businesses selling neccesities such as tesco
large growth for online businesses such as amazon
mush less spending in the economy
links
elastic and in-elastic
e-commerce
organic growth
business spending
solutions
goverment funding to boost the economy
goverment lending to businesses to help pay for
vat
furlough pay
rent
businesses adapting ot thechange such as pubs starting to deliver beer to people
links
goverment aid
dynamic market