Every part of the globe has felt, and is still feeling, the ill effects of the worldwide pandemic. Businesses in practically every segment of the economy have been negatively affected. Sales are down, employees have been laid off, and supply chains continue to be interrupted. What used to be the normal course for most businesses is now far from normal.
While some government assistance programs will help some businesses survive, other companies will be forced to close or declare bankruptcy. However, for the businesses that can outlast the economic downturn, their business models will likely change forever. From a positive standpoint, these forced changes can result in a business becoming more efficient and more profitable, leading to a brighter future.
Small businesses must become more creative in their efforts to thrive during these difficult times, and think about two crucial words that can give their companies a necessary boost: diversification and adaptation.