Celebrating and Supporting Small Businesses
This week we are celebrating and supporting small businesses in honor of National Small Business Week. For more than 50 years, the U.S. Small Business Administration has designated a week in Spring as a time to gather in support of small businesses by recognizing and celebrating their valuable contributions.
- Small and medium-sized businesses account for 90 percent of the business population
- More than half of Americans either own or work for a small business
- Small businesses create nearly two out of every three new jobs
- Small businesses occupy 30-50 percent of all commercial space in the U.S.
After successfully navigating the challenges of the last year brought on by the coronavirus pandemic, small businesses will need to continue adapting as we cautiously yet optimistically work towards recovery.
Unfortunately, as many as 50% of small businesses fail within five years. And with the additional pandemic-related stressors factored in, small businesses will need to think smart about the year ahead.
Supporting Small Businesses
Watch our short video supporting small businesses by detailing Top Business Trends for 2021 released by the U.S. Small Business Administration:
According to the U.S. Small Business Administration (SBA), top areas of focus for supporting small businesses should be:
- eCommerce: The pandemic accelerated digital shopping trends by as much as five years. Now, more than ever, companies need to make sure their website meets the needs of their customers and aligns with business goals. Most importantly, your website needs to be mobile-friendly.
- Alternative payments: Already in development, alternative payment types skyrocketed over the last year. Businesses are investing in digital transfers, QR codes, and even accepting bitcoin as payment. In addition to contactless payment, curbside pickup and delivery options are largely swaying consumer choices. Convenience and safety are top priorities, and businesses that cater to these preferences will outperform those that do not.
- Remote workforce: The SBA found that 57 percent of small to medium-sized businesses will continue offering remote work options after the pandemic ends. Investing in technology that promotes teleworking will help attract top talent while keeping your business adaptable in the event of another crisis.
- Virtual capabilities: Many small businesses experienced significant growth in 2020 despite nationwide shutdowns and stay-at-home orders, especially those offering virtual capabilities. The benefits of virtual services will not soon be forgotten, especially for the convenience-driven consumer. Small businesses should continue offering virtual services and invest in growing their capabilities.
The challenge many small businesses face with implementing these trends is access to CAPITAL. While some small businesses were able to continue offering services during the height of the pandemic, others were not able to operate at all or were forced to do so at a reduced capacity. Opening back up with appropriate safety measures in place increased operating costs.
The great news is that Barrington Commercial Capital is actively supporting small businesses through various capital services. From traditional Small Business Loan Financing to Merchant Cash Advance and even Unsecured Business Lines of Credit, we can help you find the capital your business needs. We offer a complimentary consultation that will help you discover the resources available to your small business.
Request your complimentary, no-obligation consultation to learn more about our products that support small businesses.
If you still have further questions about what financing option would be best for your future goals, please contact us by email at info@bccfirm, or give us a call at 404-602-9100. To stay up to speed on all things Barrington Commercial Capital, follow us on Facebook, Twitter, and LinkedIn. And lastly, sign-up for our monthly email to stay informed of the latest commercial capital options available to you and your business.