Many small businesses across the United States are busy rebuilding following the Covid-19 pandemic. 96% of small businesses have reported being affected by the pandemic, 59% had to lay off large numbers of workers, and almost 30% had to close their doors for good. Globally, 20% of women-led small businesses reported being closed in comparison to 16% of men-led businesses. In addition, minority-led small businesses were at least 50% more likely to report permanent closure, reduced sales, and employee layoffs. People are seeing a need to grow though the use of agencies.
Growth is in Small Business
Although the pandemic hindered growth for almost every business across the board, the future is promising, nonetheless. Reports state that by 2024, small businesses could add a whopping $2.3 trillion to global GDP growth. Also, in 2021, the global small business closure rate fell from 24% to 18%, and closure rates in the US generally fell to 16%.
Americans created nearly 3 million more online microbusinesses in 2020 compared to in 2019. Studies show that 20% of small businesses have dramatically changed their business models since the pandemic, and many are planning for a heavily digital future. In fact, nearly 30% are already working towards an online focus for their business. Many have digital agencies and are seeing the light when it comes time for digital agency growth.
One of the main plights of small businesses as they currently exist is being generally unprepared. Due to employment issues, many small business owners are taking full responsibility for nearly every aspect of their business. This means that they are simultaneously dealing with sectors like sales, client management, hiring, onboarding, team performance, and delivery. This heavy workload leaves many owners too terrified to take a day off or go on vacation. It is detrimental to both the business and the minds behind it to have such a chaotic and unbalanced workplace. Therefore, experts suggest building a resilient and scalable business to ensure that one is always prepared for the unexpected.
Whether it is unexpected success, influx of clients, or an increase in demand, creating an optimized business system that can easily be delegated is always a good idea. Tracking performance of the company and identifying what needs work and organization can make or break a company in these trying times. Hence, why experts suggest focusing on workflows, tech stack, documentation, metrics, and training, among other things to start bringing the business to the next level. Businesses, especially small sites, saw many hardships in the past couple of years; It is vital to follow these guidelines, adapt to the new norm, and get back on their feet in order to succeed.