Thanks to the coronavirus outbreak, our lives look very different now to how they did ten months ago. People can’t see their friends and family without worrying about spreading the virus to them; businesses are struggling to make ends meet. The economy in Maine has really suffered because of these things. However, things aren’t all doom and gloom. Despite the challenges that COVID-19 has presented, businesses have managed to find ways to cope. We’re going to be diving deeper into how exactly they have done this in our article today. If you would like to find out more, then you should keep on reading.
Switching to Ecommerce
Retailers and restaurants have been significantly impacted by the pandemic. Not only did lockdown mean customers couldn’t come into their shops, but people also feel less inclined to make the trip because they don’t want to risk contracting the virus. Luckily, retailers and restaurants have managed to overcome this barrier by switching to ecommerce. Ecommerce allows people to sell their products online. Customers can browse the selection, add them to a virtual shopping cart, and then check out. The products will then be delivered at a designated time. So, thanks to technology, businesses are able to cope with the COVID-19 restrictions.
Applying for Loans
Lockdown has interrupted the cash flow of businesses in Maine. During lockdown, companies weren’t selling as much or were unable to deliver their services, so they weren’t earning any money. As a result, they couldn’t pay for several months’ worth of overheads. Fortunately, companies were able to apply for business loans to help them contend with overheads and lessen the financial impact the pandemic had on their organisation. For example, the lender Become offers ‘line of credit’ loans which can be taken out whenever the business needs additional capital.
Adapting to Remote Working
Businesses initially struggled to work from home, as the pandemic forced them abruptly to leave the office. This led to a drop in efficiency and productivity. Over time, thankfully, businesses have learnt how to adapt and cope. They predominantly did so by using computer software that was designed for remote workers. For example, the video conferencing tool Zoom has been immensely helpful during the pandemic. Employees can still have meetings with one another, despite the physical distance between them. Task management software (like Microsoft Teams and Trello) has also been helpful. This has made it easier for team leaders to assign work to employees, collaborate on group projects and monitor progress.
Hosting Online Events
The entertainment industry has been badly impacted by the pandemic. To cope, these types of businesses have started hosting online events using video conferencing software. Though it’s not quite the same, this tactic is still helping entertainers to stay afloat. Business conferences, counselling sessions and awards evenings are also being hosted online now.
These are some of the main ways that businesses in Maine are coping with the coronavirus outbreak. Whilst we wait for our lives to return to normal, these are great solutions.