Technology availability - Smartphone technology and productivity applications make it possible to operate a small business from anywhere at any time much more easily.
Labor shortages - The availability of workers or lack thereof, makes hiring and scheduling employees and contractors difficult, especially for small businesses. Small business owners and managers must use creativity and flexibility to attract the right employees and contractors. Networking with other business managers and industry experts can help devise a strategy for developing a workforce for a small business.
Supply chain disruption - With recent labor and material shortages and delays, many small businesses are experiencing longer waiting times for goods and services. Collaboration with other businesses, streamlined ordering processes, and effective inventory management can improve results. Communication with customers, vendors and workers is crucial to successful supply chain management.
Online marketing - Online marketing is becoming more common and more competitive. Having an effective online marketing strategy is a key to leveraging the limited resources of a small business. Even service businesses such as lawn services and childcare services need to have an online presence for communication with customers and prospects and may benefit from setting up online payment systems.
Compliance - Sales tax, payroll reporting and income tax compliance issues are becoming more complicated. Small businesses can gain access to online resources such as government websites to stay up to date on compliance requirements.
Financing - The PPP loan forgiveness application has been simplified for loans less than $150,000. Several grants have emerged for small businesses. Finserv offers a grant for qualifying small businesses that have been in business since January 1, 2020. The details are available at aeoworks.org.
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