2020 was a year like no other for small businesses as they navigated a global pandemic. Now even with a new round of government funding and the confidence provided by vaccines, it might not be enough for small businesses if they aren’t prepared. The good news is that the nation has been through hard economic times before, and with some extra forethought, preparation and willingness to adapt in a constantly changing environment, small businesses can get through this as well.
Amber Colley and Joseph Pascaretta of Dun & Bradstreet share the steps small businesses might consider taking to prepare for recovery after their cash on hand and short-term stimulus funding has run out. They can discuss valuable lessons on how to not only weather an economic downturn but also to thrive on the other side.
TOP TIPS FOR SMALL BUSINESS:
- MITIGATE YOUR RISK: Take a moment to re-evaluate your partners, who you do business with and determine whether they’re in a healthy place.
- CONSIDER YOUR FUTURE WORKFORCE: Look at your overall operations. Re-assess and reimagine your workforce. The retail and entertainment experience has changed since this time last year. And many businesses are now operating in a virtual environment. What will the future of work look like for small businesses?
- CREATE A PATH TO GROW: Like pilots, it’s important to come up with your own flight plan. Assess where you are and where you want to go with your business by determining new ways to target new prospects, provide new services and explore dabbing in new industries. Look into leveraging digital and e-commerce platforms to expand reach and enter new markets.
TOP STATS:
In December 2020, Dun & Bradstreet surveyed nearly 800 managers and senior managers at small businesses with 2-250 people in the United States to learn more about how COVID-19 may have impacted their operations. Results found:
- 59% of respondents have applied for funding to support their business in the last 12 months
- 84% of those who responded were rejected for private and public funding between 1-4 times in the last 12 months.
