Go For Optimism
In our final installment of dissecting the 2022 economic forecast…weighty and too broad for a total of four small blogs to cover, I agree…let’s look at some positive ways we can get through this difficult time.
1. Increase your digital footprint. It’s true, Meta sells online storefronts, but it is also true that online sales are still a predominate way to grow a business. That trend inspired by millions being shut into their homes may never change. We discovered the ease (and danger) of being able to click a button and buy something. Recovery and survival post-COVID requires considering how to put this trend to work for us.
2. Work with startups. Spring of 2021 found the US economy still hard hit, with 34% of small businesses remaining shuttered. Employment figures were still high. But a bright note: There were 4.6 million applications for new businesses! This will not change employment figures overnight, but it is a source for optimism. The US Chamber says this figure is 20% higher than in any previous year on record. These hungry new businesses want to take your hand and work with you!
3. The hiring market remains a full percentage point lower than in pre-COVID years. Multiple factors affect this number. Retirees increase in number, some have money squirreled away from stimulus checks, and there is a smaller pool of entrants into the labor pool. Take your pick, but don’t expect this number to magically change.
So what does it mean for us? Here are some ideas we might explore:
If you can’t hire more people, work with those formerly employed but now self-employed to meet your needs.
It might be helpful to put together a community business inventory of materials we could trade back and forth. Waiting for some lumber to finish a project? Perhaps another business has some leftover lumber, but is awaiting some plumbing fixtures. Let’s find ways to work together.
Find ways to apply for grants as a way to help fund small business growth. BID legislation offers help for small businesses needing to upgrade their broadband internet access. There are Chamber members with experience in writing grants. Find a workshop or meeting to help you, and expand your digital footprint.
Take advantage of existing government programs. Sometimes we get so zoned into being solo startups, sometimes we forget that we don’t have to do it all ourselves. The federal government has set aside funds for low-cost loans and investment capital, especially for diversity-owned businesses.
Being a solo business owner and a woman, I would qualify for some of those initiatives, but I am among that diehard population gritting my teeth, fists clenched, determined to get there on my own. I admit it is a lonely road…but like all of you, I’m optimistic. We’re still in business. Let’s support one another and take advantage of the opportunities available to us through the Chamber, and find more!