COVID-19 has caused numerous SMEs to shut down, particularly if not considered ‘essential’. It has caused numerous others to scale back greatly, per the instructions of economically destructive healthcare dictates across the planet. Today, millions of SMEs are precariously poised on the edge of failure – with the prospect that their business models, consumer buying patterns, and supply chains will never return to previous patterns.
In addition to COVID-19, three SME-forcing functions are transforming society today:
Millions more SMEs across the planet have swiftly pivoted to not only protect their consumers, employees, and communities with appropriate health protocols, but also to implement entirely new business models, products and services.
COVID-19-related markets (PPE/Personal Protection Equipment, sanitary food delivery, etc.) have allowed a few to greatly increase their revenues by swiftly pivoting.