Scale small businesses while being prepared for the unexpected

For small businesses, systematizing your operations can help you scale your business without extra effort while also preparing your business for the unexpected. Many small businesses have the potential to grow, with experts predicting they will contribute around $2.3 trillion to global GDP growth.

Small businesses are a strong and important aspect of the economy as a whole, as they actually employ almost half of the country’s workforce, but they are currently being held back by various factors including the COVID-19 pandemic.

The pandemic has hit small businesses particularly hard, as 96% of small businesses have been affected, many of whom have had to make major changes to stay in business while others struggle every day to stay afloat. 59% of them have had to lay off a large number of their employees, while almost 30% of small businesses have had to officially close their doors.

Interestingly, more female-owned small businesses globally reported being closed than male-owned small businesses. Although the global small business death rate fell from 24% to 18% even in the midst of a pandemic in 2021, minority-owned small businesses were at least 50% more likely to suffer permanent closures, lost revenue and layoffs that seriously impacted business .

However, only 34% of small businesses reported lower year-over-year sales, with U.S. death rates falling to 16%. Even though so many small businesses have faced major challenges in recent years, the future looks brighter as Americans actually started 2.8 million more online micro businesses in 202 compared to 2019. 67% of Americans are dedicated to growing their micro businesses full-time and about 50% are focused on growth and rebuilding, while about 36% say they are still in survival mode. Since the pandemic, several small businesses have had to make major changes to their business models to stay in business, and many of those who have made the switch to digital technology plan to maintain and expand their options going forward.

Despite numerous difficulties, many Americans have not let themselves be deterred from starting their own businesses. Entrepreneurs continue to pop up during the peak of the pandemic. This may be due to an increase in innovative thinking during the COVID-19 pandemic as a result of lost income or jobs due to business or industry struggles. Digitally oriented entrepreneurs in particular have been able to use their resources to create pandemic and remote-friendly businesses.

Thanks to changes in the digital landscape, especially in recent years, many small businesses are preparing to better adapt to a digital future, of which around 28% are already working on it. That includes preparing companies for the unexpected, but that’s easier said than done. Many small business owners are responsible for nearly every aspect of their business, including sales, hiring and onboarding, team performance, and results. As a result, more than half are afraid to leave their company and take a long vacation or time off from work. In fact, three out of four companies are unprepared for their number two to take a temporary vacation as well.

However, when it comes to the unexpected, success is also something most small businesses are unprepared for, even if they portend immense payouts. More than 96% of small businesses are unprepared to deal with a sudden surge in leads, while more than 80% are unconfident or unready to deal with a large new customer. 79% admitted they weren’t ready to land 10 new customers in a single week.

However, if these small businesses build a complete and streamlined business system, they can do it scale a digital business this may well be the case in the near future. With such a system, small businesses can track performance in areas such as workflow, training, and metrics to identify strengths and areas for improvement. This can include creating repeatable steps to track progress, streamlining processes to run more efficiently, supporting resources so you don’t have to waste time, starting from scratch every time, empowering people to perform each process to the best of their ability, and measuring the efficiency of the process.

Generating sufficient revenue can still be a challenge for many, especially with new issuance on the horizon. Still, optimism remains because of the new levels of problem-solving exercised at the start of the pandemic and continuing to this day. Creating a strong business system is a solution that can help many small businesses expect the unexpected while becoming profitable machines.


Written by Brian Wallace.
Did you read?
The best business schools in the world for 2022.
The Best Fashion Schools in the World for 2022.
The Best Hotels and Hotel Management Schools in the World for 2022.
Best Medical Schools in the World for 2022.
World’s Best Universities for a Doctor of Business Administration (DBA), 2022.

Follow the latest news live on CEOWORLD magazine and get news updates from across the United States and around the world. The views expressed are those of the author and not necessarily those of CEOWORLD magazine.

Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitterand Facebook.
Thank you for supporting our journalism. Subscribe here.

For media inquiries please contact: [email protected]



source

Leave a Reply

Your email address will not be published. Required fields are marked *