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Many small businesses want to scale, but struggle to do so. By 2024, small businesses could potentially add more than $2.3 trillion to global GDP growth. However, the COVID-19 pandemic has hit small businesses hard, with 96% of small businesses being impacted in some way by the pandemic, ranging from the layoff of large numbers of employees to official closure. from their doors.
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However, the global small business closure rate fell from 24% to 18% in 2021. Only 34% of small businesses saw fewer sales than last year. Note that the closing rate in the United States fell to 16%.
In the United States, 2.8 million more micro businesses were created online in 2020 than in 2019, and 67% plan to grow their business as a full-time employer. 50% of small businesses are focused on growth and recovery, while 36% say they are still trying to survive. 20% of small businesses have changed their business model due to the pandemic. More than half of businesses plan to grow their digital business online and 45% of small businesses are looking for a digital future.
It's important for businesses to be prepared for the unexpected, but many small business owners are multitasking, typically 75% sales, 75% customer management, and 50% deliveries and results. More than half of small business owners fear taking a vacation or temporary leave. In fact, many small businesses are not fully prepared for sudden success, more than 96% of them are not ready to accept the unexpected arrival of a potential customer and more than 80% of them are not are not ready to work with a large client.
To scale and make the business sustainable, small businesses need to identify strengths and gaps in their workflow, technology stack, metrics, and more. Workflows should have repeatable steps to effectively capture progress, technical backlog processes should be streamlined to run more efficiently, and metrics should help people complete each process while achieving goals. Proper systematization of small business operations can help you grow and build a profitable business.
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Last updated November 17, 2022.
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