Challenges most Small Businesses are Facing

Small business owners have really been challenged the past year. And as the world continues to fight Covid-19 and adapt to the new normal, many of these small business owners are finding it a challenge to recover and get their business on track. 

With the effects of the pandemic on the economy and way of life, the new way of life has brought along so many changes that have changed business operations. 

For example, many businesses have now adapted the work-from-home culture and have a routine to it. Thus changing everything about how the business day works. Most businesses that run employee training no longer do in-person training and have moved to video. Many businesses no longer meet with their clients face to face, they have opted to online meeting places. 

Most businesses are going with the times and have shifted from the traditional brick and mortar to a heavier presence online. 

There are so many other changes to adapt to. However, amidst the changes, there have been many entrepreneurs with success stories. 

These changes have brought along challenges that most entrepreneurs are dealing with right now. Businesses have laid off employees and others have struggled to manage their limited resources. Coming to the worst, many businesses have closed their doors for good and may never get back. And small businesses have been the most affected.  

Many small business owners can relate to these challenges right now. 

Difficulty forward planning

The Covid-19 Pandemic has brought about a lot of uncertainty. And this uncertainty is very apparent when it comes to planning. 

Many business owners have found it a challenge to forward plan their businesses. For many, it’s even close to impossible. This is simply because, no one knows how long the pandemic will last and how much more impact it will have or how bad it will be. Therefore, forward planning important aspects of the business such as marketing or customer needs can be difficult. 

As businesses are trying to recover, many business owners are scared of a possible surge or business never picking again. And it’s even harder to spend on something you are not sure about. On the other hand, I’d they don’t, they might die for good and whatever they have been doing to recover might fade away. 

Challenges transitioning digitally

Unlike large businesses, many small businesses do not have the bugdets to quickly make their businesses transition online. Big companies have the capacity to build a great work-from-home team while ensuring productivity. 

Most companies tend to take over the online space with new products or service features. And this takes time and money. Also, introducing new features to online platforms such as a new payment options on a business’s website takes some planning and budgeting for. 

Shifting from brick and mortar

Many businesses have opted to shift their businesses online. Some have decided to shift fully without having a physical space to operate from anymore. 

Majority feel the pressure to move online as the masses are online. And Covid-19 Pandemic brought a significant shift to online shopping and the significance of online presence. 

Some businesses have decided to start over with a digital business but finding the grip in the online space has not been a walk in the park. Even making money online has not been easy for many. 

Difficulty finding a Work-life Balance

Pre-Covid-19, work time was work time for a majority as they had a specific time to clock in and out of work. However, with many working from home, finding the balance between work time and ‘home’ time or social time has been a challenge. 

Majority want to get everything done; working and taking care of home related issues at the same time. This will definitely lead to a burn out at some point. 

Few in-person networking events

Pre-Covid-19, there were so many in-person networking events and opportunities. In-person networking events were a great opportunity for businesses to acquire clients/customers. And, even with zoom networking events, you cannot compare them to in-person networking events. 

Most small business owners, suppliers, prospects and other business influencers prefer in-person interactions. Without these interactions, many business owners find it challenging to expand their brand reach especially to their local market.

Creativity ‘block’

Team players know the significance of face to face meetings and interactions among co-workers or other team players. 

There is a flow of creative energy, a flow of thoughts and ideas in face to face meetings. And sometimes, its hard to keep the creativity flowing in virtual environments. 

Also, virtual environments/virtual meetings come along with it’s own fatigue and dealing with this fatigue is a challenge on its own.