The coronavirus pandemic has been a business killer. Most of the major news focused on the struggles of big companies forced to go bankrupt by the crisis, but small businesses got the worse end of the slaughter. Many small companies have no debt or long financial history and lack reliable real-time data. As a result, these small firms are left out of the conversation. Nevertheless, thousands of small businesses have disappeared during the pandemic.

The Washington Post reported that economists in a university study projected the permanent closure of over 100,000 small businesses between March and May. Data from Yelp Inc. suggested that at least 80,000 small businesses permanently shut down between March 1 and July 25. These permanent closures are likely to have a strong ripple effect because small firms tend to rely on each other for products and services.

The collapse was inevitable for many businesses that rely on in-person services like restaurants, which led the US in small business closures. Retail and shopping also took a massive hit during the pandemic. For other firms, there is a ray of hope. A survey from GetApp noted that 92% of businesses made adjustments to adapt to current conditions. Adopting digital technologies in their operations was almost universal among business owners. The pandemic has forced enterprises to pursue remote work and adopt e-commerce strategies. Software and web services are now absolutely critical for business operations. Entrepreneurs had to scramble to find new ways of delivering their products to customers, introduce a virtual service or find digital ways of managing their workflow, among other things.

GetApp highlighted that the firms that adapted are three times as likely to report higher revenue. The rewards are lucrative, but the transition is far from a simple undertaking. Some of the challenges reported include the lack of skills to operate the business digitally, lack of knowledge in setting up online delivery channels and the cost of software that would facilitate these strategies. Even more important than the price tag of the software is the steep learning curve for owners and employees. Business owners also want to know the right combination of software for their particular operations to avoid wasting time and money. Time is of the essence because the pandemic has already cost these companies hundreds of productive hours. As a result, the outlook is still bleak for US small businesses. Adapting to the current conditions merely increases the chances of survival. Firms that make the pivot can take solace in the fact that e-commerce and digital operations will only grow following the pandemic. The businesses that manage to survive will have a difficult transition ahead of them. Fortunately, at Dominate Tech, we can help you make the transition to more digital business operations.

We know that the coronavirus pandemic has affected your business in some way. Digital services are the only way for your business to survive the current crisis and thrive after. At Dominate Tech, we can help you learn how to leverage the best software to make your business more efficient. Take the first step to dominating your industry and book a consultation with one of our tech specialists now!