“Given their size, lack of access to emergency capital and additional resources, small businesses are likely to be most affected by the declaration of a national state of disaster,” says Daniel Goldberg, CEO of Bridgement.
“It’s difficult to determine how long businesses will experience disruptions from Covid-19, it could be weeks or months. The best thing SMEs can do is to be as prepared as possible,” says Goldberg.
Goldberg highlights some key considerations for local SME owners to manage the impact of the outbreak:
With the economy already feeling the pinch of the recession, the government is finalising a package of interventions to offset the impact of Covid-19 on local businesses.
“SMEs will need financial support during this difficult economic time,” says Goldberg.