There’s no question that 2020 has been a rough year for us small business owners. The pandemic, election, social unrest and a tremendous amount of uncertainty forced most companies to pivot to remain afloat.
While it’s easy to view the entirety of 2020 as a bust, there are some big wins that the pandemic has brought small businesses.
Increased Adoption of Technology
The pandemic has forced small business owners to take a second look at their operations and see where they can bring their business into the digital age. We see this increased adoption of technology across all industries — from retail to restaurants to professional services.
Let’s look at restaurants and how they adopted technology to help thrive during the last few months. As in-person dining decreased drastically during the pandemic, restaurants needed to rapidly set up websites and allow for online ordering. For most restaurants in 2020, the tipping point between success and failure was customers’ ease of use for takeout and delivery.
In addition to implementing the technology to better service customers in a socially distanced, safe manner, COVID-19 also expedited the growth of cryptocurrency. With PayPal and Starbucks adopting blockchain technology, it’s only a matter of time before other major players do so as well.
As a small business owner, it’s important to read the current landscape and see what customers are starting to demand. Many people still don’t fully understand blockchain technology, but with its rapid growth, start preparing for the major changes in customer behavior. Research how you can start accepting cryptocurrency sooner rather than later.
Better Cash Flow Management
At the beginning of the pandemic, employees transitioned to remote work to meet state social distancing regulations. This change not only affected daily interactions between employees, but also different departments.
To meet the demands of the changing environment, small businesses adopted bookkeeping solutions. Sending and receiving physical checks quickly became a thing of the past as people were no longer in the office to do these tasks. COVID-19 pushed businesses to fintech accounting platforms to take care of their needs, which not only saved their employees time, but also expedited the processes and improved accuracy.
In addition to updating accounting and bookkeeping solutions, COVID-19 also provided a perfect opportunity for small business owners to reevaluate costs and see where they could trim the fat.
For example, managers of retail stores and e-commerce shops can take a second look at their offerings and closely analyze customer behavior. By removing low-demand items once they sell out, managers can cut down on inventory and focus on the products that perform the best.
Small businesses that have had employees working remotely since March also have another cost-saving option: is it still necessary to pay rent on an office? Even if the team would like to return to work, is it possible to move to a smaller office space and save costs there? By reducing the time spent in the office, costs can also be reduced for office supplies and kitchen essentials.
According to a survey by Mercer, 94% of the 800 employers surveyed said that productivity was unaffected or improved compared to pre-COVID-19. It also seems like employees are in no rush to return to the office. ManpowerGroup found that most workers surveyed would prefer a mixed work environment (two to three days in the office per week, the rest remote).
Family Values Brought to the Frontline
We small business owners can sometimes find it difficult to separate our work and personal lives, as we’re completely immersed in the day-to-day. However, with many of us still working remotely and traditions like holiday parties being skipped this year, this gives us more time to spend with family. Let’s continue to work smart by setting priorities and enjoy the extra hours we’ve gained this year to spend time with our loved ones.
Through these taxing times, COVID-19 has also brought many managers and employees closer together. 2020 humanized the workplace, making it more acceptable than ever to bring up personal issues that may impact performance at work. For example, a mother of two kids learning remotely may need to have slightly more flexible hours until the school systems are fully opened again. This open and honest relationship between business owner and employee is what will continue to build trust and loyalty — which are proven to lead to better results in the workplace.
Even though COVID-19 is hitting the peak of the second wave, the preparations small business owners made earlier this year through the adoption of technology and minimizing unnecessary costs will keep businesses running despite the rising numbers. With the vaccine on the horizon to the general public and the learned experience from the first wave of COVID-19, it is clear the sun will shine again.
