COVID19 – Impact on Business – Threat or Opportunity
With most manufacturing & trading business shut down and the industry looking at a long-haul recovery with some fearing that at least Q1 will be totally wiped out, its time for every business to introspect and plan for the grim days ahead. However, many are seeing opportunity as the world orders change.
At Insperme Consulting & BizStreet, we reached out to small & medium businesses across the country to do a quick survey on how business owners are thinking about the impact of Corona Virus and their expectations from the government.
Our Primary Research conducted on PAN India level with over 100 Business Promoters & Senior Executives on the impact on their business due to COVID19 revealed that while 97% respondents believe that their business has been impacted by the Crisis, only 41% respondents believe that its an existential threat to their business, while 31% believe that this could be a God given opportunity for them.
Over 50% respondents believe that it will take almost 3 months before Business will return to normal, and almost 60% believe that they will face losses up to Rs. 10 Crore due to the lock down and 30% are not aware how to salvage their business.
A majority of Business owners have suggested that the Government needs to step in and support the MSME & SME Segment with Tax Rebates & Moratoriums, Easy access to Cheap Credit and Support to Exporters and Labour intensive industries.
The complete result findings along with our assessment of the Learnings & Opportunities from the Crisis are available for download here.Download Report
We are thankful to the support from the Business Promoters and Executives who participated in this Survey and gave us their valuable time & inputs.
Hope this Report helps you in managing your business through this crisis.
For any support, please do reach out to us here