Committing to the startup grind in 2022 has never been most tasking. With an influx of entrepreneurial competition on the back of a post-pandemic e-commerce boom, balancing the books has become an impossible task for many small business owners. In fact, the Covid-19 pandemic has left a long line of lasting damage in its path for SME owners. Did you know that over claimed that they were significantly affected by the pandemic’s pressures? A further 45% of startup owners have reported supply chain disruptions two years down the line, while just under a quarter of all small business ventures have just 1-2 months worth of cash reserve left. 90% of small business leaders It’s no secret that running a business is challenging, but on the back of a global pandemic, increased online competition, and a spike in inflation, 20% of small businesses are failing in just their first year of production. (Image Source: ) Exploding Topics The question is: could it be time to put yourself back on the market before you’re pushed out of it? After the globe saw a in e-commerce-based business ventures in 2020 alone, competition for demographic engagement has never been so cutthroat. If you want to make it out of the market with a pretty profit in hand, could it be time to cut your losses? 35% increase Read on as we evaluate the in a post-pandemic playing field and decide whether it could be time for you to say goodbye to your venture. challenges of small business management Is There No More Room to Grow? As an entrepreneur, you always need to be growing. Whether it's learning from past mistakes or developing new products, strategies, and services in an attempt to expand a business venture, startup leaders need to be constantly climbing, rather than remaining stationary. If you’ve started to get too comfortable, it might be time to consider one of two actions. Firstly, analyze the market. Can you see an opportunity for continued growth? Is there a new trend you can hook onto or a growing demand for your product/service niche? If so, it might be time to get back to the drawing board and start . reworking that strategy If you can’t see room for growth, it might be time to take step two. According to the CEO of PageKits, Richard Fong, “If a founder reaches the point where they no longer feel it’s possible to grow as an entrepreneur by leading the business, that’s a good indicator that its time to at least consider selling.” If you are not feeling challenged, motivated, or fulfilled by your venture, it could be a sign that it’s time to cut your losses. Has Your Business Increased in Value? While you may think of selling a business when times are tough, many entrepreneurs often forget that selling a business in its prime could also be a smart financial move. If you have seen a significant spike in business growth over a short period of time, or are at the center of a current trending niche, you could be in a great position to sell your venture to a larger, umbrella company, for a sizable profit. Trends are constantly changing. With over consumers on social media, viral products and services usually only get their 15 minutes of fame, raking in a ton of engagement over a short period of time, before falling off of the face of the earth. 4.62 billion If this sounds like your small business venture, it could be smart to sell on before the hype fades. If you’re seeing viral success, we can bet there are already entrepreneurs eyeing up your business for acquisition. Can You Afford to Take the Risk? Running a small business does not come without risks. From cyber attacks to market evolution, entrepreneurs need to have emergency funds and strategies in place if they are to continue thriving in 2022. (Image Source: ) Statista As you can see above, cyber incidents make up 44% of the largest business risks in 2022, after cybercrime increased significantly since the onset of Covid-19’s digital shift. In response, each cyber attack can cost a small business an , rendering it a large concern for entrepreneurs with a lack of backup funding. average of $25,000 Alongside other risk factors such as business interruption and market development, smart leaders may want to see while they are ahead if they can’t afford to cover themselves in a state of emergency. Is the Market Moving Against You? Last but not least, it’s time to evaluate the current market. In order to predict your future success, you need to have a strong grip on the market’s direction and be able to compare it to your company’s individual growth. If your products or services are not growing in line with the moving market, it might be time to either rewrite your strategy or collect your coins while your profits are still high. According to Digital Day associate, Candice Georgiadis, “If you notice an upcoming trend that threatens to make your business irrelevant, it’s time to sell your business before it’s too late.” As we move into a fast-paced future for startups across the globe, it’s time to go back to the drawing board and reevaluate. Could it be time to sell your small business, or is it time to take a leap of faith?
