Small businesses have been on the rise in the past few years. However, small businesses took a hit during the COVID-19 pandemic. Globally, 20% of women-owned small businesses reported having to close as opposed to 16% of small businesses owned by men. How is the digital age affecting small businesses?

In 2020, Americans created 2.8 million more online micro-businesses than in 2019. 67% of the micro-business owners plan to grow their business full-time, and 62% of businesses that shifted to the digital storefront plan to maintain and expand these online options going forward. This can be seen as a smart move, as 45% of small businesses are ready to start planning for a digital future and 28% of small businesses are already working on that future.

While planning for a digital future, most small businesses need to plan for the general future as well. More than half of small business owners are too scared to leave their businesses and go on vacation as they take full responsibility for nearly every aspect of their business. A majority of small business owners, 3 in 4, are also not prepared for their second in charge to take a temporary leave. 

These businesses are also not prepared for unexpected success. Almost all small businesses are not prepared to handle a sudden influx of leads, while over 80% are not prepared to handle a huge new client, and 79% are not prepared to get 10 new clients in a week. 
The time to build a resilient and scalable business is now. In the past two years, small business closure rates have fallen from 24% to 18%. It is projected that small businesses could add $2.3 trillion to global gross domestic product growth by 2024. Prepare to scale your small business for the future and set up a plan now for the futuredigital included.

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