According to NASDAQ, what is colloquially known as the “Great Resignation” could lead to a small business revolution.
A survey from Intuit says 2022 is projected to be another record year for new business starts, with as many as 17 million small businesses being created. This is the third year running the record is predicted to be broken. Now more than ever, it’s essential that small businesses do everything they can to remain competitive and relevant in the ever-changing digital landscape. Here are three tips for staying on the top of your game and thriving as a small business.
1. Take Advantage of Small Business Funding
According to the survey from Intuit, more than two-thirds of entrepreneurs (67%) plan to fund their new businesses with personal savings. Access to funding and capital could be the difference between surviving and not for a small business. There are many different funding sources available to specifically small businesses – the Small Business Administration is just one source of information to get you started.
2. Attract and Retain Employees
The Intuit survey also found that 44% of small businesses plan to hire over the next three months. And although the hiring market seems challenging right now, there is hope: two in five US employees (40%) are currently looking for new jobs.
To attract and retain employees, business owners plan to:
- Be more transparent about pay to attract new talent
- Become a more purpose-driven organization
- Hire younger workers
To compete with the larger companies, you can play up the benefits of working for a small business. Those surveyed say having a “close relationship” with the owners of the business and a sense of belonging to the company are their top reasons to prefer working for small businesses.
3. Join the digital landscape
A Small Business Insights survey from The Street says that almost nine out of ten small businesses (88%) say online sales will be an essential source of revenue in 2022. More than two in five small businesses (42%) say they will become more reliant on online sales in 2022 compared to 2021. Likewise, almost all (97%) say digital technology will be necessary to their business next year. Fortunately, new tools are created daily to help small businesses make the most of eCommerce. Get your business online, and you’re already on the right track for success.
2022 is shaping up to be the year of the small business, and we’re here to help it along the way however we can. We are creating an all-in-one dashboard so you can view all the tools you need to run your business in one place. This seamlessly integrates into our directory of over 100 million pre-verified companies and the payment solution we are also building.
Join Markaaz today and be among the first to experience our innovative features.