Day: September 16, 2020

Survey: 1,600 Small Business Owners See Hope Beyond the Challenges of 2020

After a decade of economic growth, 2020 has been one of the most challenging times small businesses in the U.S. have faced in modern times. A global pandemic. Nearly 200,000 U.S. deaths, and rising. Crashing segments of the economy. Cultural reckoning relating to racial injustice. Tornados. Hurricanes. Forest fires. Job losses. Unemployment. And the closure of tens of thousands of businesses.

Yesterday, QuickBooks released the findings of a survey of 1,600 current and prospective small business owners on what they expect their futures to be.

One finding is especially promising — for all generations of small businesses: The future of small businesses includes hope.

Download the Report (PDF)

The Future, as Predicted by Today’s Small Business Owners

23% | Working at home
The percentage of small businesses that will have a 100% remote workforce by next year

28% | Online sales boom
The percentage of small businesses that are selling more products and services online this year

94% | Coronavirus
Percentage of small businesses who say coronavirus influenced that change

86% | Rapid innovation
Percentage of small businesses that have developed new products and services this year have done so as a result of the coronavirus

45% | Surviving tough times
Of those surveyed, the percentage who applied for a government-backed relief program this year

61% | Percentage of applicants

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Planning a Strategic Pivot

7 min read

Opinions expressed by Entrepreneur contributors are their own.

“It’s not going away, and we have to face that reality.” That’s what the CEO and founder of a high-tech manufacturing startup with 180 employees told his in early July to convince them they needed a strategic pivot to address COVID-19.

Previously, the startup’s executives took things one step at a time, putting out the various COVID-related fires that flared up: supply chain disruptions, canceled orders, employees having difficulties with work-from-home setups or needing flex-time to manage kids or elderly relatives.

Seeing more of the broad picture, the CEO realized the company was going in the wrong direction. One of the board members recommended my recently-published book on strategic pivoting to adapt to COVID and plan for the post-pandemic recovery.

After a quick read, the CEO convinced the other leadership team that the company needed to do a strategic pivot to address COVID. He had his executive assistant contact me and arrange for a facilitated strategic retreat dedicated to addressing the pandemic, which became my sixth of nine such engagements thus far. This article summarizes my experiences helping a range of companies — five startups, three established middle-markets and a business unit of a Fortune 300 company — pivot for our new abnormal

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