David Solomon, CEO of American Investment Bank Goldman Sachs, made a statement to Axios and he shared his ideas about effect of pandemic on small buinesses.
Solomon stated that small businesses which have experienced difficult processes due to the pandemic crisis. But he said that small businesses will gain an advantage after the pandemic thanks to the innovations that made by them during the crisis. Small businesses, which could have delayed their technology investments before the pandemic, had to establish digital communication with their customers because of pandemic. Actually, this situation gave the opportunity for small businesses to invest more in technology and digitalization. According to Solomon, these investments gonna make easier to the their jobs. Because David Solomon thinks that adaptability is one of the biggest survival traits for small businesses.
However, Goldman Sachs also conducted a research to measure the impact of the pandemic on small businesses. Black business owners and women were more likely to feel the negative impact of the pandemic on small businesses, according to the study conducted on businesses in Washington, which included 893 participants.
Solomon stated that at this point we need to do a little more to reach the light at the end of the tunnel and pass the pandemic. He added that the improvement in the gap between markets and the real economy will not be in a straight line and there will be bumps along the way.
At the same time Dina Powell, who is working on Goldman Sachs' goal of sustainability and inclusive growth, explained that they are receiving an enormous demand from customers for ideas, capital, thought and advice on how to change their business and do more in a sustainable society.
