A lot has changed over the last few months for small business owners. As we continue to move forward, we’re taking a look at the trends that have shaped the first half of 2020 and examine their lasting impact.
CARES Act Allocations
““The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses.” Importantly, these PPP loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.”
While it has been a painfully slow process, many small businesses are getting some much-needed assistance. The true impact of releasing these funds and potential payback is yet to be seen.
Remote Work Becomes The Norm
“According to the latest survey from Intermedia, 57% of SMB owners said they are likely to continue increased remote working options for employees in the long term.”
Many small business owners have found their teams to be more effective working from home. Pairing that with the reduced overhead, this is a trend that will continue. For those small businesses that work directly with the public, this may only be possible for certain positions.
Increased Community Support
“75% of consumers plan to support local merchants as widely as possible once restrictions on non-essential businesses are lifted.”
Many consumers have turned their attention to local businesses and have come out with overwhelming support. This is great news for small businesses looking to recover after months of being shut down.
By Appointment Only
“As nonessential businesses and services begin to reopen around the world and throughout the U.S., many are required to do so on a “by appointment only” basis, in order to maintain social distancing as much as possible. This new appointment only model is set to transform businesses like salons and retailers, which used to rely on walk-in traffic for the overwhelming majority of their sales.”
Online booking was already beginning to become more popular, and with social distancing it has become a necessity. This is a trend that many small business owners will have to adapt to, as foot traffic can constitute a great deal of business.
Even More Video Marketing
“The current global forecast estimates the average person will watch 100 minutes of online video each day in 2021. In fact, a survey of marketers reveals 88% of them say video marketing provides them with a positive Return on Investments (ROI).”
Video has long been a great way to build brand awareness, increase the reach of your content and humanize your company. Video is an important component of any marketing plan and will continue to be a necessity long after we’re back to business as usual.
Emphasis On Cyber Security
“The costs of being hacked far outweigh the costs of preventive measures, which means even businesses without a large budget should dedicate resources to stringent cybersecurity technologies — including for remote employees who have left the security of the corporate office’s network. Coveware found corporate ransomware payment amounts rose abruptly in the first quarter of this year, in several cases because of complexities in the shift to remote work.”
With so many companies moving to remote work, cyber security has taken on an immense significance for all businesses. Ensuring that teams are able to safely work and do so without leaking information or costly downtime due to maintenance has become a top priority, and one of the most difficult tasks to handle.
Many small business owners are continuing to adjust and revise their plans for the future. Click below to download our Free Business Plan Template to help lay out your next steps.
