Most business owners believe that the outcome of the 2020 Presidential election will affect their business. To what extent is yet to be determined. One survey points out that 81% of small businesses believe the election will have an impact. An important fact is that this belief is regardless of party affiliations. Many believe that the greatest effect will be placed on their financial security and there is an overall belief that the election outcome will affect the economy as a whole. In addition are the concerns that the economy continues to face related to the pandemic. Most agree that the following six months will be critical in the survival of many small businesses.
According to the Small Business Administration (SBA), small businesses account for 99.7% of all U.S. companies. These small businesses create jobs and opportunities across our nation. Many new ideas and innovative solutions emerge from the creativity of the small business owner. They are important to our economy and are the substance to the communities and neighborhoods in America.
Slightly Improving Conditions
After almost a year filled with the pandemic challenge and economic uncertainty, many small businesses finally feel like the conditions are slightly improving. Although some small businesses are still concerned about their survival, the percentage that have concerns of closing is getting smaller. Many businesses have been able to cautiously reopen and are hoping and praying that another shutdown is not declared. This is one of the political divides that may determine the future of many small businesses. The good news is that small businesses remain nimble and can adapt to change faster than their large business competitors.
Obstacles Still Facing Small Business
There are many obstacles still facing small businesses in today’s environment and it is important that we identify these and work toward a solution. Social distancing will continue to be a central concept moving into the new year as the pandemic lingers on. Many employees will try to do more with less people. This will challenge the businesses to adopt good practices such as proper inventory management, cost control and better planning and budgeting for operations. Managing ways to ensure the safety of employees and customers will be on the mind of every business owner and many will turn to new technologies to support these efforts. Security and data protection will continue to play a huge role in every business transaction and data management.
Solutions for the Future
While many employers are trying to manage the social interaction and safeguard their employees, technologies that enable remote work and collaboration will continue to emerge as a priority. With the recent cyber-security attacks and threats to our national security, data protection is at the top of all business priorities. All digital data must be protected from fraudulent attacks and small businesses must utilize vendors that provide this security protection. Software that can help track inventory and manage expenses will ensure this dynamic environment has the inventory and items on hand needed for customer satisfaction.
MPG offers multi-channel payment options that include touch-less options as well as online options for payments, therefore expanding your customer base. Having reliable payment options are critical for the success of the small business during these difficult times, as well as the ability to provide affordable transaction processing rates. Understanding the trends associated with managing inventory is crucial for business planning and budgeting. Time and attendance management that is built into MPGs software will provide managers with the tools they need to analyze the efficiency of work staffs. MPG will give you the tools and support you need for your success.
MPG stands for small business. Contact us today.