Many small businesses want to scale but struggle to do so. By 2024, small businesses could potentially add more than $2.3 trillion to GDP growth worldwide. However, the COVID-19 pandemic hit small businesses pretty hard, with 96% of small businesses being affected one way or the other by the pandemic, from laying off a good portion of their employees to officially closing their doors.
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Nonetheless, the small business closure rate worldwide fell from 24% to 18% in 2021. Only 34% of small businesses experienced lower sales than in the past year. Particularly in the USm, closure rates fell to 16%.
In America, 2.8 million more online microbusinesses were created in 2020 compared to 2019, with 67% of them planning to grow their business as their full-time job. 50% of small businesses are focused on growth and rebuilding, while 36% have stated they are still just trying to survive. 20% of small businesses have changed their business model, with the pandemic being a big cause. More than half of the businesses that shifted to digital platforms are planning to grow their businesses online, with 45% of small businesses looking towards a digital future.
It’s important for businesses to be prepared for the unexpected, but many small business owners have too much on their plate as they are usually responsible for 75% of sales, 75% of client management, and 50% of delivery and results. More than half of small businesses are uncomfortable going on vacation or having their number two owners take a temporary leave. In fact, many small businesses aren’t fully prepared for sudden success as more than 96% of them are not prepared to take on an unexpected influx of leads, and more than 80% are not ready to handle a big client.
In order to scale a business and have it be resilient, small businesses need to identify strengths and gaps in workflows, tech stack, metrics, and more. Workflows need to have repeatable steps to record progress efficiently, the tech stack needs to streamline processes to run more effectively, and the metrics need to help people perform each process while still achieving goals. Systemizing small business operations correctly can help scale and create a profitable business.
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Last Updated on November 17, 2022.