Small businesses have incredible potential in the market we have been seeing recently. In fact, studies show that by 2024, small businesses could add $2.3 trillion to the global GDP growth. These numbers leave many people asking: What’s holding them back?
Simple answer: The pandemic. Covid-19 hit small businesses incredibly hard, with 96% of small businesses reporting being affected by the lockdown and regulations. Women and minority-led businesses saw it the worst, being the groups most likely to report closures, reduced sales, and layoffs. Fortunately, the future is looking promising, with a decrease in business closure rate and a boom of microbusiness creation in America.
Microbusinesses
Many of these new microbusinesses have hacked into the online space. Not only are they finding success on these platforms, but many are making plans to further develop the digital aspects of their business. Studies show that 20% of small businesses have dramatically changed their business models since the pandemic. In addition, over 60% of businesses that have since shifted to a digital platform plan to maintain and expand those options moving forward. Digital agency growth is key.
Another pitfall that many businesses fall into especially following the pandemic is being generally unprepared for success or change. Understaffing and inexperience leave many owners taking on several if not all of the responsibilities of their business. These tasks include sales, client management, hiring, onboarding, and much more. Because of this, many are left juggling too much to truly succeed in any capacity.
Scaling and Organization
Scaling and organization are the key to hacking into this coveted realm of delegation and smooth operations within a business. The main pillars of focus for achieving this are workflows, tech stack, documents, training, and metrics. Workflows refers to tracking progress through clear steps. Tech stack deals with ensuring that all processes are running efficiently. Documentation ensures that all assets are accounted for, while training enables all employees to perform each process properly and even reach a higher level of excellence in their area. Finally, metrics measure the efficacy of the entire process.
Focusing on these pillars as a small business will help to build a foundation that is not only effective, but will also be a springboard for future success. Bottom line is that the ultimate life hack to ensure the success of a business is organization, scaling, and effectively integrating the digital world to the entire operation.