This Article Was Originally Published On Entrepreneur Media:
Covid has been the ultimate disrupter to the global economy. Fortune 500 companies and small start-ups alike have felt the blow, but it’s the small businesses that have suffered the most.
Small businesses are the backbone of the U.S. economy. According to the World Economic Forum, small businesses are responsible for employing nearly half of the private sector workforce. However, during these volatile times where social distancing measures have been put in place and mandatory shut-downs have happened, many small businesses have not been able to survive.
In September, Yelp released its latest Economic Impact Report revealing business closures across the U.S. are increasing as a result of Covid. According to Yelp data, permanent closures have reached 97,966, representing 60 percent of closed businesses that won’t be reopening.
“Overall, Yelp’s data shows that business closures have continued to rise with a 34 percent increase in permanent closures since our last report in mid-July,” Justin Norman, Vice President of Data Science at Yelp, told CNBC.
These reports can give everyone a feeling of doom and gloom, but here are five ways to help your small business survive the pandemic.