The Prominence of SMEs and Start-ups During The Financial Crisis Post COVID-19

The importance of freelance business professionals, startups, and SMEs to the global economy, especially post-covid19 and during financial crises

Financial crises and pandemics alike have always taken their toll when it comes to the workforce. However, as hard times strike, innovative solutions emerge. That is why the emphasis on the significant role played by start-ups and small and medium enterprises will never be enough.

During these turbulent circumstances and the financial crisis, these businesses rely on a core founding team as well as access to limited resources due to the hardships of accessing traditional funding. Moreover, they, are more likely to engage in high-risk activity and ultimately are required to maximize their creativity to be able to prepare for the consequences.

Over the past few months, workplaces around the world have taken twists and turns to try and adjust to the drawbacks of COVID-19. White-collar industries and workers in other diverse sectors were forced into working from home. A sudden change that paralleled the workplace as people have always known it. The experiment is not close to ending, in spite of the time that has passed since the beginning of the crisis. 

After admitting into a common panic mode, national and international economies have tried to overcome the numerous financial losses while coping with this novel disease, but the numbers could not add up for long. With many downsides to the new norm, companies applied salary deductions on employees, had to cut down their expenses, and decreased their workforces.

Businesses around the globe were forced to cut down costs by laying off employees, cutting off benefits, and announcing salary reductions. All while keeping promises that things will get back to normal as soon as the sectors start making profits. But what is “normal”?

Large corporates such as Google have announced in July that around 200,000 employees will resume working from home till at least next summer. Facebook’s Mark Zuckerberg, too, has expected that around half of Facebook’s workforce will be remote within the decade.

On the other end of the spectrum, critical times have brought us Uber, Airbnb, and WhatsApp. These novel startups, at the time, kicked off after the global financial crisis and then have grown to become a daily essential for digital media users, avid travelers, and more.

Several startups have risen to the expectations and took the effort to make their services more practical and convenient; such as pizza restaurants delivering their dough and sauces for consumers in quarantine to cook them themselves.

Start-ups are born in challenging times, especially when the need for a variety of solutions and creative ways to learn, buy, sell, or fix something strikes. With the new circumstances in mind, people have grown more and more accustomed to dealing with freelancers, SMEs, and start-ups instead of the mere reliance on big corporate chains and franchises.

Therefore, the race towards freelance work and independent projects has grown exponentially. Professionals from all fields are starting to realize the true potential of the internet and virtual connections.

Khibraty, an online platform dedicated especially to matching and connecting service seekers and professional calibers to work on all sorts of tasks; whether project-based landings, long or short term contracts, or freelance networking. It directs service and work-seekers to a credible, organized frame of work.

Any technology-oriented innovation serving people’s demands when it comes to online shopping, medical equipment, remote personal care, online education, and many more fields have become a popular ask by people around the globe.

Since COVID-19 hit, it has dramatically shifted consumer habits, thus, creating new and aspiring business ideas and opportunities. Moreover, professionals across the world would rather work remotely or on a freelance basis. After the mandatory work-from-home period, work owners and employees have seen the true power of a simple email or conference call; therefore, opted to minimize or steer clear from the rigid 9-to-5 lifestyle.

By registering to Khibraty as an expertise provider, you can also discover your path to a more flexible lifestyle