Welcome to 2021

The good news is that multiple small business experts, economists and industry leaders are seeing a lot of optimism around 2021.

A new survey by Capital One Business reveals small business owners are cautiously optimistic. And many are looking for a return to more favourable business conditions come 2021.

According to the survey conducted, about 53% of small business owners report their business financial position is the same or better than the pre-COVID-19 period. A further 67% of the owners are confident their business will return to pre-pandemic operations and revenues.

It seems there is growing optimism over the state of the economy and possible resilience among small businesses.

  • 85% of business owners are confident they will still be operating six months from now.
  • 75% of business owners kept the same or increases their number of employees since the onset of the pandemic. 
  • Looking ahead 60% of owners are confident the outlook for the US  economy will be favorable to businesses in 2021. 
  • 69% of the respondents say providing customers with a safe shopping experience is a top priority for their business. 
  • 78% say because their marketing budget is small they are relying on word-of-mouth for their business to attract customers. 

See full survey results HERE

Another Survey recently conducted by Smart Company also reinforces that the majority of SMEs are moving into 2021 with an optimistic mindset

Judo Bank’s Chief Relationship Officer Frank Versace shares “There’s certainly more optimism that 2021 is going to create more opportunities for businesses to take advantage of and that we won’t have the extreme lockdown measures that we were subject to in 2020,”

According to Versace, thorough planning is one of the few guaranteed no-regret moves small business owners can make right now as they look towards recovery and growth in 2021. “You need to have a broader strategy and outlook that can deal with volatility and uncertainty in the outlook period,” he says

Based on the survey findings small business owners are looking to invest in the following areas in 2021:

  • Marketing and social media to build brand visibility
  • New technology + cloudbased solutions
  • Ecommerce opportunities and improved customer experience

This report is a good read. We recommend you DOWNLOAD the Smart Company Report HERE

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