Small Business Savvy: Success in the Digital Age
Experts say that small businesses could add $2.3 trillion to the global GDP growth by 2024. However, this was not a small feat. The Covid-19 pandemic hit small businesses hard, with 96% being affected and almost 60% experiencing substantial layoffs. Many women and minority led businesses were forced to close their doors. These businesses were also the most likely to report reduced sales and employee layoffs.
Despite these struggles, the future is looking brighter for business owners across America. In 2020, there were 2.8 million more online microbusinesses created in comparison to 2019. Although 20% state that they have dramatically changed their business model since the pandemic, the success is in the numbers.
The shift to digital is doing wonders for the small business community. Over 60% of businesses that chose to go digital state that they plan to expand and grow moving forward. Many of the setbacks that small businesses owners experience can be solved through scaling, organization, and using online services as a tool. Many owners take on several responsibilities for their businesses alone, leaving them stressed and unprepared for what the future holds. Optimizing the business by delegating, training, and identifying the gaps is the best way to survive both in a digital space and a physical space as a business. Times are rapidly changing, as it becomes increasingly more imperative that small business owners prepare for success and more clients in the digital space.
Learn more about how to be more impactful with digital agency growth in the infographic below: