We are aware that various small businesses may be struggling right now. To learn more about how to navigate your business during this uncertain time.
In these unpredictable times, there is a huge chance that small businesses are very likely to suffer. According to a survey done by National Small Business Association, 77% of the small business owners are very worried about the economic impact of the coronavirus outbreak and 49% of the 950 people surveyed say that customer demand is down. If you and your small business are in the same boat, read this article to learn how we can survive this global pandemic.
Who We Are
We are a digital marketing agency that transforms companies by designing the best in class experiences that are driven by strong creative and rooted in technology, data, and organizational strategy. WeUno combines all these capabilities into a single solution to create a unified brand experience that can help foster meaningful relationships with your users.
WeUno believes in a data-driven approach that focuses on creating a seamless experience across all digital, physical and communication touchpoints. This brand experience results in a much more consistent, impactful, and valuable relationship with the user.
The Current Market
According to research done by IHS Markit, an economic forecasting firm, the unemployment rate is expected to rise 6% by June 2021 from 3.5% in February 2020. The Economic Policy Institute, a progressive research group, estimated that 3 million people might lose their jobs by June 2020.
Research done by Sarah Hansen at Forbes reports that almost 47 mullion people could lose their jobs due to this global pandemic which would increase the unemployment rate to 32.1%. The unemployment rate is not only increasing in a particular sector, but it is affecting various sectors all over the world.
According to research, COVID-19 has already affected the food and dining sector in different parts of the US like Ohio, Michigan, Chicago, New York, Illinois, Pennsylvania, and California. This is only the beginning – due to lockdowns almost all over the world, the tourism and leisure sector will suffer greatly and almost 7.4 million jobs could be affected.
As stated by The American Hotel & Lodging Association and the US Travel Association, it is estimated that almost 1 million hotel jobs or about 45% of the travel sector’s employment, “have either been eliminated or will be eliminated in the next few weeks.”
It is estimated that in the coming future, the travel and transport sector will freeze hiring or layoff up to 91% of employees. Besides travel, this pandemic will also affect real estate, retail, consumer products and services, IT, financial services, marketing, and advertising and media and entertainment.
Most businesses in these sectors are predicted to freeze hiring or layoff employees in the coming weeks. A few of these companies include Norwegian, Expedia, Booking.com, Bird, Mondee and Sonder – all of which belong to the travel and tourism sector. In media and entertainment, Netflix, Hulu, and Disney have put hiring and roles on hold whereas, in the food and dining sector, Deliveroo, ZeroCater, and Snackpass have stopped hiring.
There is no doubt that COVID-19 will have a huge impact on small businesses all over the world. From the clothing industry to the travel and tourism industry, almost every small business will be affected in one way or another. However, there are ways to minimize the unfortunate repercussions of this global pandemic. During this unpredictable and unreliable time, WeUno believes in forming strategic alliances with other small businesses who could be looking to join forces and collaborate.
Working with other small businesses means gaining a new client base and an opportunity to enter new business territories. Entering new geographical marketplaces will give you a chance to expand your product market without experiencing a long learning curve. Collaborating with other small businesses will reduce your chances of risk since you will have more than one source of income. During a downward shift in the economic cycle, a strategic alliance will keep you and your business partner up and running. Joining forces with other small businesses will give your business room to explore, experiment, learn new skills and
gain new resources.
Besides all the benefits that come with strategic alliances, doing business with Middle Eastern companies can help your business grow vastly. Companies in the Middle East are quite affordable compared to a lot of Western businesses. Middle Eastern companies are also quite welcoming towards international alliances and have set up strong legal systems in place to encourage favorable environments for small businesses that are looking to collaborate.
This is why, we believe that in these hard times, it is the best possible scenario to unite and work together. If you are unsure about your small businesses’ future, now is a good time to find a partner.