What’s Stopping Small Businesses from Growing?
By 2024, small businesses could add 2.3 trillion to total global GDP growth, creating jobs for vendors, suppliers, freelancers, and more. Recently, however, many small businesses are treading water in the wake of destruction from COVID-19. The coronavirus hit almost all small businesses extremely hard, with nearly 60 percent of companies having to lay off substantial amounts of their employees, and nearly 30 percent of small businesses having to resort to closing their doors.
As a result, many small business owners are taking matters into their own hands, with about 3/4 of business owners taking responsibility for sales, hiring and onboarding, client management, and team performance, and about half of owners taking responsibility for delivery and results. As a result, the extra workload is directed to owners, and 96 percent of small businesses cannot take on a sudden influx of clients. More than 80 percent aren’t able to handle a huge new client, and nearly 80 percent of owners can’t handle 10 new clients in a week. Although any of these could be a saving grace for a struggling small business, many businesses aren’t equipped or prepared to take advantage of an otherwise amazing opportunity.
Learn how you too can scale your business in the infographic below: