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The economic impact of the Covid-19 pandemic continues to hit small businesses across the globe.
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The economic impact of the Covid-19 pandemic continues to hit small

businesses across the globe. The spread of the coronavirus around the world will have a significant impact on global economic growth. The International Monetary Fund has already downgraded its forecast for the year, which would indicate the slowest growth since the global financial crisis in 2008.


In Malaysia it is small businesses that are expected to bear the brunt of the impact. That impact ranges from supply chains and staff absence to insurance and cash flow issues. Small business cannot totally overcome all those challenges, but they need to be able to mitigate their risks, both operational and financial, protect employees and support their customers.


1) Identify and explain the five actions small business can take to mitigate the risk of economic impact of the Covid-19 pandemic.


2) Please provide examples of such actions where relevant to illustrate the workability of the recommendations.  


3) Explain the recommendations and consideration for their application across different types of small businesses.


4) Discuss the impact of actions upon small businesses in terms of revenues, costs, operations etc.


5) Explain the overall recommendations for the different small businesses and their effectiveness supported by relevant examples. 

Step-by-step answer

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