The pandemic left many small businesses vulnerable and struggling, as studies show that 96% of small businesses were affected. Of that large percentage, nearly 60% had to lay off many employees. Almost 30% had to close their doors for good. Women and minority owned businesses were hit the hardest, leaving many businesses scrambling for a solution. Keeping up to date with digital marketing will help - let's explore how and why.
Fortunately, the future is looking bright. Americans have created 2.8 million more online microbusinesses to date in comparison to 2019. These numbers will only continue to rise, as almost 70% state that they plan to grow their businesses full-time. Many of these small businesses are finding success in the digital space as well. Nearly 50% claim that they are ready to start planning for a digital future, and 28% are already working on it. Digital agency growth is key.
Overall, reports show that many businesses aren't equipped to take on new challenges. Many of these owners are taking responsibility for all aspects of the business. Therefore, stress is high and there is a newfound need for developing important skills that will allow for future growth and success. These skills include organization, documentation, delegation, and training among many others. In combination, buying into these practices will help to create a complete and optimized system that can be easily divided and delegated.
It is projected that by 2024, small businesses could add $2.3 trillion to global GDP growth. Therefore, it is now more important than ever for these small businesses to adopt these initiatives as we continue to move forward in this post-pandemic world.