According to a survey by Veem, a San Francisco-based global payments network, about 81 percent of small businesses in the U.S have projected that the effects of the coronavirus pandemic will affect their operations for the next 12-16 months, while 90 percent of the surveyed firms are preparing for an even worse economic slowdown. Even though small businesses are moving with speed to mitigate the effects of the pandemic, there it is still not clear whether they will break through the odds and come back to profitability. Of the 690 companies surveyed by Veem, three-quarters of them said they either had already placed their request for federal aid or were planning to so not too long from now. At the time of writing, the Small Business Administration has already approved approximately 3 million loans amounting to a half a billion, the report indicated.
Despite being the world's largest economy, the U.S has been hit hard by the pandemic following a shutdown due to various containment measures and protocols by the government agencies to help mitigate against the spread of COVID-19. According to the White House, unemployment had already crossed the 20 percent mark by May and the situation was worsening by every passing minute.
While all businesses have had to bear the brunt of the pandemic, small businesses have been hit harder than large and established multinationals such as General Electric. From eroded revenues to closures and lack of capital to finance their operations, small businesses have a lot more to deal with if they have to restore their lost glory before the emergence of the pandemic.
More than half of the small businesses have said they have suffered moderate to high supply-chain problems due to the shutting down of other related businesses, border restrictions, and industry-wide slowdown. One-third of them said they were torn between seeking more funds to finance the expansion of their supply chain network or focusing on restructuring their operations back to profitability. About 25 percent of them said they were trying to bounce back by investing a colossal amount of money in technology systems so as to align themselves to the changing times amidst social-distancing rules among other developments.
How Don Forman is Making It Work to their Advantage
Don Forman is a household name in the Las Vegas automotive industry courtesy of his many years of working so hard to build an enterprise that has since impacted many lives. From donating food items to helping people during tough economic times such as the 9/11 attack, the Las Vegas shooting, and the current coronavirus pandemic, Don Forman Nissan remains an extremely instrumental partner in the lives of many people and the humanitarian world. Through his charitable and philanthropic gesture, his dealership has enjoyed phenomenal growth and citywide acceptance. As an industry leader, Don Forman cares about what happens outside of his dealership because he strongly believes in supporting the community which made him achieve as an entrepreneur. His commitment to continuing pushing for world-class services to all car buyers, his dealership has and continues to capture the spirit of not only employees but also the community and the entire industry.
Having made an indelible mark in the automotive dealership, Don Forman has now resorted to assisting people through financing blood donations, food, clothing, and scholarships to children needing education. While Don Forman's personal achievements and charitable footprint are undoubted, he has not allowed all of these to derail him from giving back even more to the society he loves. His amazing attributes of humility, positivity, and steadfastness distinguishes him from the rest of the players in the industry. Because of these qualities, Don and his Las Vegas dealership continues to appeal to customers. This is the reason he doesn't worry about the profitability of Don Forman Automotive since he's laid a foundation that will remain formidable for years to come.