It’s been a long time coming, the growth and success of digital agencies and small businesses. Reports show that by 2024, small businesses could add $2.3 trillion to the global GDP growth. However, it was not always like this, and it took hitting rock bottom for many of these businesses to thrive and realize their full potential in an online space.
The pandemic hit businesses of all shapes and sizes very hard. Many consumers were relying on online services to get by, but not all businesses had developed the skills or possessed the resources to thrive on those platforms. Small businesses especially had it the hardest. Nearly 100% report being affected in one way or another by the pandemic, 59%% had to lay off a large number of employees, and almost 30% had to close their doors permanently. 20% of women-led businesses reported being closed compared to 16% of men-led small businesses. In addition, minority-led small businesses were at least 50% more likely to report permanent closures, reduced sales, and employee layoffs.
Despite these struggles, the future is looking promising. In 2021, the global small business closure rate fell from 24% to 18%, and only 34% of small businesses reported lower sales than a year ago. Best of all, Americans created 2.8 million more online microbusinesses in 2020 in comparison to 2019. This shows the new way of commerce that the pandemic forced many business owners to adapt to, and shows the success they are having with it. Almost 70% of these online businesses claim to be planning to grow their microbusinesses full-time.
Although there are several businesses across the country that are still working towards rebuilding in the wake of Covid-19, a large percentage are willing and ready to start planning for a digital future. In fact, 28% report that they are already working on it. In addition to moving towards success on a digital platform, another way that small businesses are finding success is through preparing for the unexpected. Whether that be an influx of clients, newfound success, or an increase in demand. The bottom line is that the unexpected is inevitable, especially in the world of business and ecommerce. Therefore, the trend that most small businesses are not prepared for it is detrimental to the industries that they are a part of and their success within them.
Currently, many small business owners take on several, perhaps too many, responsibilities within their company. Needs like sales, client management, hiring, onboarding, team performance, and results often rest on the shoulders of the owner, making it nearly impossible to remain stress-free and take time off. This is why experts suggest scaling and organizing new businesses of all sizes to better delegate and handle the unexpected. Pillars like workflow, tech stack, documentation, training, and metrics are vital aspects of a business that when properly delegated, can create a complete and optimized business system that is able to thrive under every circumstance. Ultimately, the performance of each aspect of one’s business will thrive once the work is divided and organized for efficient and effective performance.
Learn more about how digital agency growth will continue to move forward in the infographic below:
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