Are you happy with your business this year? What are you going to do differently? How can you hire the right people to support your vision? Sadly, many small business гидра тор owners do not spend enough time planning for the future. It’s quite understandable. Managers must keep pace with the daily demands of their businesses, including payroll, taxes, product/service delivery, and customer expectations.
Fortunately, the end of the year is the perfect time for a comprehensive evaluation of your company. Your business needs a checkup. Most people can relate to a checkup with their local doctor, depending on their background and personality characteristics (age, sex, family medical history). The doctor will conduct a variety of tests, including blood, vision, heart, and hearing.
In fact, one element like an individual’s weight is not the only indicator of overall good health. Likewise, small businesses could benefit from a good checkup too. Successful entrepreneurs think strategically when engaged in a hostile, global environment.
After 27 years of managing projects and conducting over 100 organizational evaluations of business organizations, I realize that both large and small organizations struggle in implementing their operations effectively. This article examines how small businesses need to conduct an effective checkup of their organizations.
Welcome to the New Normal! Yet, nearly a year after this pandemic, the full impact on the U.S. economy is unclear. According to recent studies, more than four million Americans have left the workforce, and nearly 10 million are now unemployed compared with last February.
In fact, the number of unemployed people continues to rise. According to a business study conducted between March 28 and April 4, 2020, small businesses have been heavily damaged by the lockdowns due to Covid-19.
In an analysis of more than 5,800 small businesses (reaching a network of 4.6 million small businesses), the research highlighted the damage caused by the pandemic. The results showed evident damage of the pandemic. At this juncture, 43% of businesses had temporarily closed, and nearly all of these closures were due to COVID-19.
Respondents stated that they had temporarily closed, largely pointed to reductions in demand and employee health concerns as the reasons for closure. In fact, the businesses, on average, reported having reduced their active employment by 39% since January.
All industries have been impacted. However, retail, arts and entertainment, personal services, food services, and hospitality businesses showed significant employment declines exceeding 50%. Some businesses hope for assistance from the government.
According to a Babson’s Goldman Sachs report, 88% of U.S. small business owners have already exhausted their Paycheck Protection Program (PPP) loan; the Small Business Association gave these loans specifically to help businesses keep their workforce employed during the pandemic. These loans were helpful.