2021 Small Business Owners Most Common COVID-19 and Non-COVID-19 Challenges
Business as usual is a phrase you don’t hear much anymore. Every sector of business has been profoundly affected by COVID-19. Businesses large and small have had to pivot and adapt in order to keep their doors open. Here we compare the top small business challenges before the pandemic and the impacts on businesses while navigating COVID-19 guidelines.
Top Pre-COVID-19 Challenges for Small Business
Lack of capital/cashflow
Recruiting/retention of employees
Marketing/Advertising
Time management
Administrative work
Managing/providing benefits
Top COVID-19 Impacts on Small Businesses
Loss of revenue
Reduced budget
Temporary closure
Cut own wages
Temporary pivot
COVID-19 Relief Funding Available
The United States Small Business Administration (SBA) website contains resources for applying for COVID-19 Relief. There is still time to get relief, the SBA announced a deadline extension for the Paycheck Protection Program to May 31, 2021. Applications for the Economic Injury Disaster Loan (EIDL) program were extended to December 31, 2021.
Mentoring and Business Consulting Services
Check out these organizations offering mentoring resources and virtual assistance. Visit SCORE for remote mentoring and resilience training and the Small Business Development Center (SBDC) for no-cost business consulting and low-cost business training.
Need guidance on managing your business cash flow?
Graph Sources: Guidant Financial
