Why Supporting Local Businesses is Important
How can backing local suppliers reduce the impact of the Coronavirus pandemic?
General health amongst the public isn’t the only thing suffering amid the sudden outbreak of the Coronavirus, with the world economy feeling the full force of COVID-19. Though video calling platform Zoom’s stock price has increased significantly with an influx of workers confined to their homes, the same cannot be said for many local businesses, with the future of many smaller companies becoming increasingly uncertain.
In 2019, there were approximately 3.5 million sole proprietorships (69%) in the UK, as well as 405,000 partnerships, and 2 million limited companies. For years, local businesses have formed the backbone of many communities and contributed significantly to the UK economy and there’s no doubting the danger that the Coronavirus...