The economy is turning around faster than ever as factories and production lines come out of the coronavirus phase and start fulfilling orders. Despite this rebound, there are numerous small business owners who could not come out of this unscathed.
It is the responsibility of the government to pick these broken ventures up from the ground and support them so that they can once again get back on their feet.
It has recently been reported in an English daily that a large number of small traders have been forced to close their businesses in the country due to a severe financial crisis caused by the Covid-19 pandemic.
While the prime minister did initiate a stimulus package of a massive sum, there are many people who are failing to avail of this benefit. It is important to identify why these small businesses and traders have gone bankrupt and find a proper solution that will be timely and beneficial.
It is important to identify why these small businesses
and traders are going through hardships and find a
proper solution that will be timely and beneficial to all
The report also explicated that according to a survey conducted by PPRC and BIGD, there has been an increase in unemployment as 17 percent has become newly unemployed along with 13 percent going below the poverty line during the months of April to June.
This staggering number of unemployment is something that needs to be dealt with as soon as possible and those that are suffering from bankruptcy must be brought under government stimulus packages to lift them up once again.
What every small business owners should do in the meantime is explore new business opportunities. It is now time to adapt to new ways and find out better possibilities to diversify one’s business and look to new methods of customer service that might give one an edge over their competition.
But above all, more and more small businesses have to be brought under the stimulus package so that all can reap the benefits.