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Since the start of the COVID-19 pandemic, the U.S. Census Bureau has been collecting weekly data to measure the effect of the changing business conditions on the nation’s small businesses. The data has been compiled into the Small Business Pulse Survey which gives insights into the impact of the pandemic on small businesses, as well as expectations for recovery. Through analyzing the survey’s most recent findings, we’ve identified these 3 common challenges currently facing small businesses across the country and ways to overcome them.
Small Businesses Need to Hire More Employees
As companies continue to reopen, the need to hire additional employees is the top concern for small business owners. New data released by the U.S. Census Bureau found that 35.7% of small businesses will need to identify and hire new employees in the next 6 months. With so many companies currently hiring, and the demand expected to increase in the coming months, the job market will continue to become more and more competitive.
Start Today and Be Flexible
Finding top talent that is the right fit for your small business can take time even in a non-competitive job market. If your company is planning on hiring new employees in the next six months, get started now. It may take longer than expected, so you want to be sure to allow yourself plenty of time to secure the right candidate.
To appeal to jobseekers in this new climate and give your company an edge over the competition, consider offering flexible work hours or remote work options. According to a recent Flexjobs survey, “27% of workers say that the ability to work from home is so important to them that they are willing to take a 10% to 20% pay cut to work remotely. And 81% say they would be more loyal to their employer if they had flexible work options.”
Remember that finding the right new hire for your business can take time and effort, so don’t get discouraged. And while the job market is competitive, it’s important not to settle for candidates who don’t possess the qualities or soft skills that are vital to making them a good fit for your business. Having a strong team that’s reliable, adaptable, and that works well together is essential to innovation, growth, and the long-term success of your company.
The Need to Boost Sales and Marketing
27.3% of small business owners who participated in the Small Business Pulse Survey said they will need to “increase marketing or sales in the next 6 months”. Many cash-strapped small businesses who are still recovering from the effects of COVID-19 lockdowns have a tight marketing budget to work with, making increasing sales a challenge.
Use Low-Cost Marketing Techniques to Increase Awareness and Boost Sales
When your company is short on cash, your first instinct might be to cut your marketing budget or advertising costs. Unfortunately, this usually results in short-term savings that winds up having detrimental and lasting effects on a company’s sales and profits.
In order to boost sales and create an affordable, yet effective marketing and sales strategy, consider the following low- or no-cost options:
Lack of Capital
While the end of the pandemic may be in sight, many businesses are still facing the strain of a lack of capital. In fact, 14.1% of respondents who participated in the Small Business Pulse Survey cited the need to “obtain financial assistance or additional capital in the next 6 months”. Furthermore, an additional 15.8% of respondents say they will need to “make a capital expenditure in the next 6 months”.
Secure Capital Before You Have Cash Flow Problems
As leaders in small business growth funding, we understand that timing is everything. In order to prevent cash flow problems in the coming months, be proactive by securing capital before it’s too late. If your business has a long payment cycle, you may still be profitable while having cash flow problems from waiting a long time to collect on unpaid invoices. This can lead to falling behind on rent and struggling to make payroll. Consider invoice factoring if you like the idea of getting advance payments on outstanding invoices or a business line of credit which keeps your business running smoothly without any gaps in cash flow. It’s perfect for business owners who want the peace of mind of knowing they have access to available funds at all times.
Need to Hire Additional Employees, Increase Your Marketing Efforts, or Secure Extra Capital?
Don’t let lack of funding slow down the growth of your business. Apply today to see how SBG Funding can get you access to the cash you need.
Check out our additional resources for small business owners.
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