Source: Small Business Trends | Repost QBScott 6/17/2021 –
Businesses have weathered various storms through out the last year due to the instability and changing markets caused by COVID-19. With limited resources and budget constraints, companies have struggled to digitize their entire organization for remote work and keep business afloat during tough times.
Various industries took colossal hits to their revenue such as hospitality, personal services, and wholesale/distribution. While companies start to return to the office, preparing for unforeseen futures is key to survival and growth in the future. It’s time to take a look at the hard lessons learned from this past year to be prepared for whatever lies ahead.
According to SMB Group’s Study “SMB Technology Directions For A Changing World,” many SMBs suffered during the first few months of 2020, yet a good amount were able to make up for lost revenue during the second half of 2020 with 20% revenue decrease, 37% staying the same, and 43% increasing revenue. Though the immediate changes caused by the pandemic negatively impacted businesses, they were able to adapt due to strategy and using the right technology. 65% of businesses said they made changes to their technology strategy in the wake of COVID-19 and 67% made changes to their business strategy in the wake of COVID-19.
Making these significant changes allowed for business owners to survive a time of unpredictable business and an erratic market. With better times ahead, companies must avoid settling back to old ways and continue to plan and prepare for the unpredictable.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale