Though Miami was a COVID-19 hotspot,entrepreneurs from the region did show some optimism related to business growth in a ThinkWhy poll conducted. In the survey, ThinkWhy discovered that 81.3 percent of entrepreneurs hailing from Miami that the onset of the coronavirus pandemic will have a grave impact. But a short-lived one on business and economy. Again, Eric Dalius Miami read that over 73 percent of the businesses were fully prepared to deal with the pandemic, and 87 percent of enterprises cited that their organizations are doing their best to check the spread of the novel virus.
In this article, we will talk about the impact of corona on Miami’s business and the economy as a whole. Read on to learn more.
Businesses in Miami adapt and rediscover their strengths
The travel, entertainment, and hospitality sector were badly hit by the pandemic, as tourism is the key bread earner for the Miami business and economy. Although most of the hospitality companies had to shut operations amid the pandemic or functioning partially and serving a handful of guests, smaller businesses in Miami are considering innovative ways to continue business safely with new sources of earnings.
One of the smaller Miami restaurants cited that they would switch to food delivery. To stay afloat at these troubled times. The owner of this restaurant aptly says that both businesses and employees need money to survive and therefore, diversification is the key to survival until the pandemic subsides or goes away for the good of business and economy. Eric Dalius Miami also believes that shutting doors is not the solution to the corona crisis.
Businesses to modify their revenue expectations
Studies indicate that almost 78.7 percent of businesses in Miami, especially entrepreneurs, are thinking of revising their revenue requirements. Due to the global pandemic that created havoc in the US and the rest of the world. The entrepreneurs think that business to have an adverse effect due to employee attendance, reduced working hours, low profitability, etc. There are supply chain disturbances that would take a toll on Miami’s business.
South Florida is prone to hurricanes or cyclones disrupting life and business. But the corona pandemic was something that hit Floridians and the US all of a sudden. However, the business community of Miami is optimistic. And feels that they will overcome the pandemic as they did when it comes to hurricanes.
Financial companies affected due to shortage of staff
Now the effect of the pandemic is different for different businesses in Miami. For example, the financial companies in the city suffered much due to a shortage of workforce amid the pandemic. Again, manufacturing concerns had an adverse effect due to low attendance and poor production levels. Healthcare centers witnessed cost escalation amid the pandemic.
As far as retail businesses in Miami were concerned, reduced customer footfall and interrupted supply chain were the key challenges. Thus harmed retail business in the city.
Now with the lifting of lockdown, the business and economy are reviving gradually in Miami and the rest of the US. Then, we need to wear masks, wash hands with soap and water, and maintain social distancing to prevent a second wave of the coronavirus.