The economic disruption created by Covid-19 has thrown small businesses into the struggle to survive the . However, Forbes gathers that small business owners are optimistic about the future, from new research. Moreso, the Society for Human Resource Management proves this in a survey. 75% of studied small business owners agree that they are now better prepared to handle another crisis. Why is this? What changes have these small business owners experienced that makes them optimistic?
Innovation
Driven by the forced setbacks of Covid-19, many small businesses have turned to innovation for loopholes. They have invented new products, services and processes, and even new ways to deliver services. Liz Supinski, SHRM’S director of research products agrees that the Covid-19 phase is like a large, uncontrolled experiment, changing what work/business looks like. Hence, small business owners are counting on this new-found innovative spirit to spur them to progress.
Flexibility
The pressure also opened the door to a lot of ideas that may have been dismissed because change is hard. Small businesses have always been more flexible than their larger counterparts. However, necessity has pushed them out of their comfort zones to reach even more adoptive potentials. Small businesses have gone above and beyond to cater to customer’ needs in this period. Now, small businesses know that their limits can be pushed. As a result, recovery and profitability can be easily achieved in little time.
Customer/Employee Support
Everyone understands that small businesses run on small margins. This period saw customers and even employees rally round and empathise with small businesses through such instability. Firstly, a renewed appreciation for small businesses during the lockdown has increased customer loyalty. Even employees have resolved to reskilling and upskilling as they prepare to champion the new normal. All in all, small businesses are presently more beloved and opportunity-prone than ever before. It is up to them to embrace the future with an optimistic, can-do attitude.
