The COVID-19 Shut Downs Closed One In Five Businesses During The Pandemic
"During these hard times." "We are all in this together." These were all terms that were once said during the pandemic, multiple times. However, it doesn't seem that we were all in this together. A new study released found that one out of five businesses had closed down during the pandemic.
This study was sent out by GotPrint, which showed that one in five businesses had to close their doors because the pandemic hit. Forty-six percent in the study suffered due to a decrease in sales, while another 42% lost customers, and another 37% lost product due to the pandemic.
Two in five small business owners polled say they had to take a pay cut to keep the business afloat, and nearly all — four in five — say they've become more resourceful as a result of their difficulties.
During that time, 60% of those who worked in a small business felt they had to wear many hats because of a lack of people. Another 46% had to cut supply costs, and another 42% moved to a smaller space, or from to help keep costs down.
Business owners in the study admitted that they learned they needed to have a backup plan for emergencies. Business owners also admitted they would stay committed to learning new skills to allow their businesses to stay afloat.