21 August 2023 • 3 min read
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Small business owners are the backbone of even the most developed economies. When large multinational corporations brought currencies to their knees and collapsed economies, small businesses saved the day.
According to the World Bank, small businesses have saved the day for a while.
With this in mind, what can we learn about these economy-saving ventures? Let's explore this next:
Here are some interesting business statistics to think about:
In the USA, small businesses employ nearly half of all employees. However, according to Forbes, almost 80% of them are run by a single owner and have no employees.
All of these point to one thing: small businesses are not only prolific but highly impactful!
However, not all is rosy in US business.
Most small businesses face financial challenges. And according to the International Finance Corporation (IFC) Micro, Small, and Medium Enterprises (MSME) Gap Assessment Report, funding remains top of the list of challenges.
Because small businesses are less likely to be able to obtain bank loans than large firms, they are forced to rely on internal funds, or cash from friends and family, to launch and run their enterprises.
In this digital era, it's adapt or die. Don't believe me? Check out these top small business statistics:
And these statistics are only going to improve with time. It seems we should adapt our business strategy to suit the digital era.
Naturally, every year presents unique challenges. Rest assured, however, that 2023 holds immense potential for small businesses. This global economy, among other things, offers good opportunities for growth and new ventures. It's time to become my own boss and foster economic growth.
Just be prepared to fund yourself, and make sure to get online!
Small businesses should be prepared to increase their investment in digital marketing. It's a new era, after all.
2023 will be a good year for business primarily because of the loss of COVID restrictions which impeded business growth substantially.
One of the primary challenges in 2023 is fluctuating currencies, which can be tricky for businesses that rely very much on international sales.
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