New findings by Employsure suggest the cancellation of the commonwealth games may have impacted small businesses across multiple industries.
With the cancellation of the commonwealth games; thousands of businesses state and nationwide have been impacted, says Employsure, who says the commonwealth games were a ray of hope for many SMEs who would have relied on it to boost their sales, attract tourism, and provide a much-needed reprieve after the challenges posed by the pandemic.
For many regional SMEs, the announcement came as a shock and at the worst possible time especially given the current economic climate, says Employsure.
According to Employsure: How the cancellation of the commonwealth games impacts SMEs
- Impact on small businesses: immediate and long-term consequences, especially those in the hospitality, tourism, and retail sectors, many anticipated significant revenues from the Commonwealth Games. Hotels, restaurants, and other tourism-related businesses, would be greatly impacted as they would have expected increased sales and would have lost on major infrastructure
- Financial impacts of staff recruitment, and other expenditures that business owners would have made in the past year(s) in preparation for the games
- Small Business Resilience: small business owners who were banking on the games to help them recover from losses due to the pandemic and the uphill battle they now face, what are the ramifications of additional recruitment, new business ventures and this will further impact the mental health concerns for many employers
Source: Employsure
