Small Business Booms Post Pandemic & New Ways Of Doing Business

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About twenty seven million small businesses in the United States generate approximately 50% of our GDP This is the reason why they play such an important role in the survival of our country’s economy. There was actually a “small business boom” even after the first year of the pandemic, according to a recent white house report, US entrepreneurs applied to start 5.4 million new ventures last year, submitting to emergency relief programs such as the Paycheck Protection Program (PPP), which gave businesses $450 billion dollars.

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The sector saw 20 percent more growth than any year on record, data dating back to 1948. During the third quarter of 2021, the total number of U.S. occupations was 7 percent higher than pre-pandemic levels, and 74 percent of all counties nationwide did before the COVID crisis, according to an April analysis of the quarterly census of employment and wages. Counted more shops, storefronts and other local establishments in comparison.

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Navigating the pandemic as a small business has been a long task – and the journey as a new business or living business is not over yet. Most of our clients are small businesses, and we want them to thrive and survive, so working with them as a banker and providing financial advice has become imperative as the economic environment changes. Whether that means adapting your business model to meet the rules and regulations in force at the time – or altering your inventory to help keep up with supply chain constraints. Businesses that have survived these difficult times have learned important lessons that are now being carried into the future with new processes, streamlining and efficiencies created.

willow st, Summit and a local clothing boutique in Morristown, New Jersey, found other ways to keep the business active and provide services to its customers. When his brick-and-mortar store had to close during the height of the pandemic, he increased his online sales through his website and emphasis on social media. When supply chain issues with some clothing lines led to a shortage of goods, or increased prices, the owner found new suppliers who had goods at the lowest prices along the lines not affected by shipping delays. They were able to get PPP loans and continue to pay employees, even when restrictions forced them to stay at home.

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love the restaurant Quinta Steakhouse In Pearl River, New York has had to adjust over the past two years to comply with COVID restrictions and guidelines. For long periods take-out orders were the only option and Quinta being a steakhouse had to figure out how to provide their high quality food at home. Through trial and error – changing menu items and adjusting ordering procedures they were able to avoid the pandemic. With these adaptations they are now able to run a seamless take-out business as well as its usual dine-in services with an additional outdoor seating area.

during the pandemic, cashman landscape and design In East Hanover, NJ initially made major adjustments to survive. At the beginning of the pandemic, they sent only one worker in each truck to observe social distancing. Through the process of applying for PPP loans, he learned the importance of keeping well-kept books and organizing business documents so that bankers can help out in the toughest of times. Now with rising gas prices and some jobs having to travel long distances, they are making sure to schedule jobs within the same locations to save on fuel.

Both consumers and businesses are dealing with an unpredictable environment of rising interest rates, inflation and supply chain issues. still a Recent survey by ICSC, The Member Organization Serving Marketplace revealed the ongoing importance of small businesses in the lives of consumers and communities in the US, with results showing that 94% of all US adults either purchase, spend or use services from small businesses. use. 52% of consumers want to keep the money local and 42% to frequent establishments more than before the pandemic.

There is no doubt that small businesses are the lifeblood of the economy. They make our towns and cities livable places to live. Small businesses were the hardest hit during the pandemic and hence both bankers and consumers need to throw their support behind them.

With Small Business Month coming to an end, it is important that we stand with the small businesses that power our communities.

Credit: www.forbes.com /

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