One year on, small business owners are still struggling with the effects of the pandemic – lockdowns in some parts of the world, closed borders and the uncertainty of an ongoing crisis.
A recent survey by Xero of small businesses worldwide, uncovered some of the effects – and looked at how business owners are coping.
Key takeaways included:
- The small business difference – Personal connections and the ability to quickly adapt to changing conditions can give small businesses an advantage over larger, slower corporations.
- Changing consumer behaviour – Some consumer shifts – like increased online shopping – are likely to stick around even after the pandemic ends. For small businesses, this means making sure systems are in place to deal with these needs long-term.
- Flexibility and strategic thinking count – Businesses that were able to think strategically and adapt to changes in the market were most likely to thrive during COVID – think, quickly moving online or switching to a pickup-only model.
Keys to success
Although every business is different, common strategic threads emerged. Digitising financial and company information for ease of access, focusing on emotional and personal connections with customers, boosting efficiency with cloud-based management tools and using data to predict and plan for the future can all help small businesses thrive, even in a crisis.
Another crucial strategy: seeking help from an accountant or financial advisor. An expert will be able to help you find efficiencies and select the best available tools to manage your business.
Need help to adapt your business in a changed world? Talk to us.