It has been a great decade for Small Business; since the 2009 recession we have grown in numbers every year and have seen our incomes almost double. And what’s good for small business is good for everyone: we also created most of the new private sector jobs in the country, drove innovation and produced a third of all US exports.
So far, 2020 is not another “normal” year of strong growth, job creation and increased prosperity. For many business owners, plans to invest new equipment, additional staff and new technologies have been put on hold.
But a recovery will happen, and when it does, Small Business will be leading the way. Just like we always do!
From “business as usual” to “flatten the curve”
Most of us put our plans on hold and started cutting back on expenses, furloughing employees, and calculating the costs to our business. To add tragedy to hardship many of us have by now had to cope with losing friends and loved ones to the Covid-19 pandemic.
For most of us, growth plans have been replaced with contingency and survival plans. And questions about the impacts on our economy, and the future of our business.
What is the “new normal” for Small Business?
Since the start of the pandemic we haven’t stopped talking about getting “back to normal”. It was easier to hope for a quick recovery when we didn’t know very much about how the pandemic would spread and how many lives it would take.
Now it looks like getting back to normal may take the form of a cautious, staggered approach to re-opening our schools, businesses and institutions on a state-by-state basis. And the new normal may include more social distancing measures, and a greater emphasis on hygiene and sanitation.
As Small Business owners, we each face our own unique challenges around getting back to business as usual based on our location, our industry, and our financial situation. But the recovery will happen, and we need to be prepared to lead the way.
How do we know that Small Business will lead the recovery?
For starters, we’ve done it before. Since the recession of 2009, Small Businesses have created 64% of all new job opportunities in America, and the success of our economy depends on us continuing to play that important role in our country. We represent 99% of all businesses in America — so if we don’t grow there will be no recovery. It can’t happen without us!
Then there’s the fact that Small Business owners are simply better at meeting challenges. We know from our own experience that nothing moves forward unless we’re continually pushing, fixing problems, and going the extra mile. We have more passion, more drive, and are more agile than Big Business because we are entrepreneurs at heart.
For Small Business owners, overcoming challenges is business as usual.
Gut-check time: how agile is your business? It’s time to start asking ourselves the important questions:
• How have customers’ needs changed?
• Does this impact the way we interact with them?
• Will we need to re-think supply chains?
• Will people respond to the same marketing and sales tactics, or will we need a new strategy?
• Can we afford to re-hire staff and add inventory?
• When do we need to be ready to hit the ground again?
Now is the time to summon our entrepreneurial spirit and get creative with the answers. We may be in this together, but it comes down to each of us to find the answers for our own business.
The entrepreneurial spirit is the biggest asset we have in the recovery ahead. Be prepared to come back with a vengeance when the moment is right! Build your plan ahead of time and stay realistic by adjusting your sails along the way to set yourself up for success in the “new normal”. And make sure you have the financing options in place to draw upon when you need them.
Small Business has led America’s economic recovery before, and we will do it again.
How PHAZIS can help Small Business lead the way
PHAZIS is a new idea that came about during a pandemic. With the global economy facing its biggest setback in decades, we watched as the Small Businesses that drive the US economy struggled to survive and access the government loans that were intended to help them. Many business owners spent days navigating the traditional loans application process only to find out that priority was given to bigger existing customers. PHAZIS’s mission was born: bring flexible and responsible funding options directly to Small Business owners, make it quick and easy to do business with us, and get them back to growing their business as soon as possible.
PHAZIS is committed to the success of Small Business, and we look forward to partnering with you to provide the financing solutions to help you adapt and grow your business.
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