My Business Venture
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Today, nearly half of the United States workforce is employed by small businesses. However, unlike major corporations, small businesses often lack the resources needed to withstand major events like an economic downturn or the COVID-19 pandemic. During the first fires months of the pandemic, the number of active small business owners in the US fell by 3.3 million or 22%. However, while many small businesses were forced to shut their doors, some entrepreneurs successfully adapted their business models to meet these new challenges.

Although the 2020 CARES act did attempt to help the millions of struggling small businesses, many entrepreneurs were unable to obtain loans due to the volume of applicants. As a result, the majority of small businesses were forced to fend for themselves despite nationwide revenue falling by 22%. However, despite these obstacles, many small businesses were able to remain profitable, and, even more surprising, the Census Bureau recorded roughly 4.4 million new businesses in 2020, the highest ever recorded.

Since 1996, My Business Venture has been recognized throughout the e-commerce business industry for its high-quality, turnkey online storefronts and outstanding marketing services. As one of the top e-commerce business services providers in the United States, My Business Venture has been lucky enough to work with small businesses across various industries and recognizes the immense challenges these businesses have faced throughout the pandemic. Within this article, My Business Venture hopes to highlight some of the challenges and what lessons small businesses have come away with.

Prepare for Any Eventuality

It would be hard to find any small business that had prepared for a global health crisis. When many businesses first heard of the COVID-19 virus in March 2020, very few had any notion of how long the pandemic would last, let alone the true impact it would have on their business. However, all businesses quickly learned the importance of preparing a contingency plan for their business in the event of a future emergency that will drastically impact their revenue and employee base.

Although businesses are still currently feeling the impact of COVID-19, world health organizations have stressed that another global pandemic in the future is not unlikely. It is crucial that entrepreneurs take stock of how their business faired during the early stages of the pandemic and what steps are essential in preventing lost revenue in the event of another pandemic.

Additionally, My Business Venture encourages entrepreneurs to look at each position within their business and their tasks. By creating a visual structure that shows each role’s responsibilities, managers will be able to know who can step in in the event of another emergency, helping to create a smooth transition.

The Importance of Recognizing Stand-Out Employees

A business is only as good as its employees. During the pandemic, employers were able to see the degree to which their employees’ adaptability, resilience, and improvisation helped save their business. In the early stages of the pandemic, nearly 14.8 percent of Americans were laid off and forced to seek other employment after a significant number of American businesses declared bankruptcy. These 19.7 million Americans fought for the minimal number of available positions in the job market in the next six months, taking any open position they found. Many of these job seekers found positions in businesses outside of their desired field, below their desired pay level, and at poorly managed companies. Now, employers who hired a significant portion of their workforce during the pandemic are struggling to retain employees. In April of 2020, a historic 3.8 million Americans quit their job in a single month, starting off what employment experts are now calling The Great Resignation. Since then, an additional 24 million Americans have also left their jobs seeking better work conditions, higher pay, and a healthier work-life balance.

As a result, one of the biggest challenges facing entrepreneurs today is retaining their workforce, specifically talented employees. Without recognizing employee achievements, offering sufficient incentives, and providing workplace engagement, employers are likely to lose one in four of their workers.

Adaptable Businesses Thrive

Within the past two years, entrepreneurs have shown incredible adaptability, most notably in improving cash flow. For many businesses, the pandemic significantly cut down on the avenues of connecting with customers, potential clients, and networking opportunities. As a result, many small businesses had to quickly think of alternative ways to keep cash flow steady and their doors open. One of the major ways small businesses continued to attract potential customers was by developing their online presence.

The pandemic created a quite unique situation for consumers and businesses. During 2020, the average American’s savings drastically increased due to the COVID-19 pandemic and subsequent social distancing. However, Americans’ shopping habits did not diminish; in fact, they grew exponentially. Instead of window shopping, online shopping exploded, leading many businesses to follow their consumers online. The businesses that thrived during the pandemic saw the value in developing their online presence through digital, content, social media marketing. In fact, one survey found that one-third of consumers started using a new brand after discovering their content through social media.