By: Economic & Finance Report
Omicron has affected small businesses in a major way. The slow rollout of the supply chain network getting to distributor and small retailers has had a huge impact in different sector industries that rely on the supply chain globally, for goods and services. Late products getting to retailers has put a dent in small businesses trying to manage while the Omicron variant surges upward.
Statistics show that retail fell 1.9% in December 2021, presented by the US Department of Commerce. Small businesses are constantly tapping into their reserves to manage on a daily basis, and they are asking the federal government for more assistance, as their cash reserves don’t last forever.
As summer and fall 2021 ensued, there was optimism that the economy and small businesses were finally going to rebound; then suddenly blindsided by Omicron news on December 1, 2021; everything seemed to change instantly, companies and corporations such as banks and Fortune 500 companies allowed employees to work from home because of hospitals being flooded with Omicron coronavirus patients. This outflow trickled down to small businesses and mom and pop shops, affecting the whole production ecosystem. Now small businesses are readily feeling the effects of the shock value relayed by the variant. -SB
Image Source: Investment Executive