Are Smaller Businesses still struggling post pandemic in 2022?

We all saw the ups and downs in the businesses across the world in recent times. It is nothing new discussing about Covid-19 and its effects, rather after-effects on the businesses. Businesses are re-opening; people are back with a hope that they will not have to pause again. Vaccines and Booster dose got people back on the track and hence recovery may be seen really soon but for smaller businesses it may take some more time.

Most of the businesses experienced downfall during 2008 recession and today’s situation is nothing but a crisis due to pandemic. SMEs will have to learn to come out of such a situation by displaying a fighting spirit and with an attitude to bounce back.?We being a Digital Branding and Marketing Agency?are helping out many companies to come out of the situation and get back to the business.

Small Businesses

SME owners are stressed out with their mental health and finding it difficult to maintain the required work and life balance. In a country like USA, it was noticed that around 80% of registered small and medium enterprises had no employees and the owners were struggling to survive during the lockdown.?Few owners shared their experiences that are mentioned below:

1. More than 50% of SME owners claimed that they worked all 7 days
2. More than 40% claimed exhausted both mentally and physically.
3. More than 25% owners claimed that they could not manage their work life balance

Emerging trends

While Covid-19 was like a bad dream for some industries; however, a few industries cloaked revenues that they never experienced or expected in their lifetime. There have been various factors after Covid-19 like acceleration in global business, disruption in Industry, and continuous increasing requirements from the consumers that have been a blessing for entrepreneurs who experienced an upward trend in their business.

The Covid-19 situation resulted in a huge gap between the companies who were either performing the best or the worst in their respective industries. These gaps increased post pandemic between such companies. Probably the best companies were faster in changing their approach using latest technologies, adapting to the real time demands of consumers, and reacted in a better way to the market.

?Future Expectation

?As per various surveys, 52% of the business owners are expecting to improvise the work life balance in next 2 to 3 quarters. Almost 70% of the business owners are expecting to experience improvement in business in the next financial year. However, these numbers may vary in actuals as it will depend a lot on the owners. Currently more than 20% SMEs are run by the work done by paid employees. So these business owners have the salaries outflow to manage as well apart from the other monthly expenses.

Entrepreneurs running small and medium enterprises are mostly seen as very dedicated and passionate about their business. They are concerned about their work. They are very much aware that their business and its profits depend on the way their work with full dedication, meticulous planning ad proper implementation. While many businesses were closed during the Covid period, there are many companies that survived well and have done exceptional business during the same period.

The numbers of cases are again going upwards in a few countries and it is beyond control at some places. The businesses those survived during last pandemic were well aware of the tricks used for sustaining and now have good experience to use the same to their benefit in case if another lockdown like situation arises. It is ‘mixed reactions’ from the business owners for such questions but important is to know that they have aggressive outlook and strategy. ?