What 2021 has to offer to small business owners?
Posted on Jan 18th 2021
According to this survey, conducted in November and December 2020, 53% of people say that their condition is either the same or better than the Pre-Covid19 period. Further, 67% of the small business owners said that their business would return to pre-pandemic needs, and their revenues will be back to normal. So there is a positive state of resilience and optimism among the small business owners.
Other findings of this survey are reported as:
- 84% of businessmen say they are confident for a further six months of operations instability.
- Since the onset of the pandemic, 73% of the business owners either kept the same or increased the number of employees.
- 60% of the business owners are confident that the US economy's conditions will be favorable in the year 2021.
- 69% of the owners claim to provide a safe shopping experience to the customers and follow SOPs as their top priority.
- Because of the low marketing budget, 78% say that they have to rely on word of mouth to attract more customers.
We are not out of the woods yet:
Despite the continued levels of certainty and good faith among entrepreneurs, an ascent in COVID-19 cases and adverse effects on stock chains have organizations worried about their success throughout the following half-year.
Just about three of every four or 73% of organizations state they are worried that an increase in COVID-19 diseases will affect their business's general accomplishment in the coming six months. This likewise incorporates the production network/merchants for 65% of proprietors, who state (71%) it will influence their presentation during the final quarter.
Plunging sales is likewise a matter of worry for independent ventures during this season. Some 42% of organizations have announced their deals have diminished throughout the most recent three months. The time frame from October-December brings about 25% of yearly sales for 49% of companies. Around 41% of businesses declared that their sales in the final quarter decreased compared to the same period last year.
To alleviate this, 89% of businesses are thinking of reducing expenses and purchase PPEs to assist their business during the pandemic in the following half-year. Only a portion of (11%) feels that they might temporarily close their businesses for a shorter period if the pandemic persists.
As the CVID-19 vaccine has been prepared already and is rolling out for final tests, the pandemic might end soon. Medical experts say that it would take some to produce large batches of the vaccine as the requirement is high because of the still increasing number of infections. We should hope for the best and start the new year with positivity and optimism.