2020 has not been kind, with a pandemic crushing global economies and small businesses. 2021 has not been any better, with the world in recovery mode while still battling off new variants of the virus. However, the world is adjusting to living with the pandemic, and life has to go on. 200,000 businesses in America closed permanently in 2020 due to the numerous lockdowns and restrictions imposed by the government in order to enforce social distancing and curb the spread of Covid-19.
Find your door of opportunity
When one door closes, another opens. Things are on the uptick now, and according to Yelp, more businesses opened in 2021 than the pre-pandemic 2019. But perhaps the biggest boost can be seen in the space of ecommerce growth, which is hugely beneficial for retail that had the verve to move online. Many businesses forgo the brick and mortar institute and go directly to the net via digital marketing, moving offline only when there is the demand for it. This means a smaller capital and bigger flexibility. If your business can operate online, there’s no reason why you shouldn’t test the waters first.
Don’t limit your business
We’re at the precipice of change, with one foot in the traditional 9-to-5 culture and the practice of working from home. Giving yourself the opportunity to venture into both can be a union merging the best of both worlds. Studies have shown that working from home increases employee productivity and happiness, but too much isolation can lead to communication breakdowns.
Fighting to hold on to traditional practices and an unwillingness to embrace remote work can reflect badly on the environment of the workplace you are setting up. It is time for us to throw out outdated models and become more flexible and realistic about our expectations. Work should be about the quality and not the quantity. As long as your employees are performing well, giving them the option to work from home will enhance the working environment of your business.
Understanding your options
No two loans are created equal and there are more than one financing choice. You can go down the investors path, or take out a loan with the bank, but whichever you choose, make sure you understand all aspects of the choice. For instance, investors can come from crowdfunding instead of the conventional path, and when considering a loan, you should try to understand how loans work, everything from how to get a debt consolidation loan, to how you can get your loan approved, can all aid you in the process.
While recent events with the pandemic and trade wars have left a gaping hole in the economy which we are all recovering from, predictions show that 2022 is a good time to start rebuilding, but the key is to bear in mind what kind of culture you want to set the tone of your business to. If you want to succeed, you will have to get with the times.