Experts say that by 2024, small businesses could add $2.3 trillion to the global GDP growth. This is incredible, given the struggles that the pandemic caused for nearly 100% of these businesses. Studies show that almost 60% of businesses during this time had to lay off substantial numbers of employees. In addition, nearly 30% were forced to close their doors for good.
Despite these setbacks, the future is promising for small businesses across the board. In 2020, Americans created 2.8 million more online microbusinesses in comparison to 2019. Almost 70% of these plan to grow their microbusinesses full time. While many are still focusing on rebuilding following the devastation from the pandemic, many small businesses are ready to start planning for a digital agency growth. The best part? 28% are already working on it.
The main reason why many smaller businesses struggled during the pandemic is their lack of preparation for the unexpected. Many owners were responsible for several aspects of their business, making it nearly impossible to take time off or delegate the workload. It is for these reasons that experts are suggesting scaling and organizing your business. Now is the time to build and maintain a resilient business that can go the distance even when the market or society goes through a significant change.
These efforts will allow owners to stand at the forefront of a complete and optimized business system; One that stands the test of time and can focus on growth and development in a post-pandemic world.