"Small business isn’t for the faint of heart. It’s for the brave, the patient, and the persistent. It’s for the overcomer." - Anonymous
In Italy, a start-up eyewear manufacturer can’t keep up with looming overhead costs. In China, a clothing store reopens after three months under restrictions but struggles to move seasonal inventory. And in the U.S., a restauranteur has furloughed dozens of employees and closed two of three locations to make ends meet.
These are just a few of the millions of small businesses around the world that struggled in the wake of COVID-19. Small businesses like yours drive job growth and a more competitive economy, but many were not equipped to survive this crisis due to limited cash flow, severely reduced demand, and looming overhead costs. This is still a time of uncertainty. But as we slowly emerge from the worst stages of the pandemic, it’s also a time of unprecedented opportunity. The actions you take now will determine where you’ll stand when this crisis subsides. One of your most important allies? Technology.
Economic recessions are known for causing layoffs, business closures, and financial struggles. But they are also famous for forging visionary entrepreneurs and innovative start-ups. Technology has paved the way for the birth of some of the world’s most successful companies.
During the financial crisis of ’08, 1.8 million small businesses went under4. Others were born. The founders of Warby Parker leveraged technology to thrive as a direct-to-consumer retail and e-commerce business. Companies such as Netflix, Wipro, and National Geographic did the same, reinventing themselves to survive the recession, stay ahead of the competition, and become successful businesses.
Countries and markets around the world are at different stages of the current economic crisis. Several of the largest emerging economies are still on the “upslope” of the pandemic, while others are cautiously beginning to reopen. In the midst of it all, stories are emerging: Stories of small businesses using technology to course-correct through challenges and innovate on the fly; stories of small businesses that are now leveraging technology to move at the speed of demand and grow at scale.
Reimagining your small business requires adapting to the current climate, overcoming challenges, and adopting real solutions that can help you thrive long after this crisis ends.
Let’s take a closer look.
