After more than a year of transition, SMBs are moving forward. Owners and executives have led their companies through a persistent health crisis, sweeping societal change, and an uncertain economy. While many businesses were affected by the epidemic, others saw it as an opportunity to start their own business. Many SMB leaders have effectively adjusted — and even thrived, as evidenced by this year's report.
How are today's small and medium businesses growing?
- 79% of SMBs plan to offer contactless services permanently.
- 71% of growing SMBs say they survived the pandemic through digitization.
- 42% of growing SMBs accelerated tech investments over the past year.
- 72% of SMBs grew their online presence over the past year.
Small and Medium Business
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1. Communities and Government Step Up for SMBs
SMBs found themselves even more resource-strapped as a result of pandemic shutdowns, all while trying to retain income streams.
Governments and local groups also offered assistance. Community support has been vital to the survival of two-thirds of SMB leaders.
2. Customer and Employee Engagement Take Priority
SMBs are attempting to rebuild confidence after a period of turbulence. To accomplish so, they're emphasizing open communication and flexibility for staff, as well as meeting client expectations. Customers expect online purchases from more than 7 out of 10 small businesses, and about the same number have an e-commerce presence.
3. SMBs Embrace the Digital-First World
SMB leaders are boosting their technology investments in an increasingly unpredictable world, looking for technology to help their businesses survive even the most difficult times. Over the last year, more than half of expanding SMBs increased their investments in sales and customer service technology.
4. SMBs Foresee Long-Term Changes from the Pandemic
In order to keep their firms afloat, many SMB leaders have rethought their strategy; as a result, operations have become more efficient. SMBs now intend to keep some of the modifications in place indefinitely. Three-quarters of small-business owners believe that changes they've made to their operations in the last year will help them in the long run.
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