How Small Businesses Can Stay Afloat (and Grow) During Uncertainty
Recently, QuickBooks surveyed 1,068 small business owners on the economic effects of the Covid-19 pandemic and their strategies to stay afloat. Roughly 88% of respondents said their business operations have been affected by the health crisis. It’s clear that business owners are focused on survival, putting growth strategy on the back burner.
Is it far-fetched to talk about growth as the pandemic lingers on?
The QuickBooks team doesn't think so. In this article, they offer three top growth strategies to consider, even now.
1. Keep sight of the big picture.
When you’re stuck in the day-to-day operations of your business, it can be tough to focus on a long-term growth strategy. This study found that small businesses are spending 31 hours a week the day-to-day, not allowing them to look at the bigger picture.
Of course, the dream is to spend time working on strategy, customers, and innovation. However, leaders are being pulled into e payroll, sales, human resources, marketing, customer service, and bookkeeping.
[Hey, we know of a really cool company that can help with two of those operations.]
2. Don’t be afraid to delegate.
Del-e-gate… it could be so nice! Leaders, it’s time to be honest about your strengths and weaknesses. Ask yourself, “Would I hire myself to do this job?” If the answer is no, delegate to an expert and focus on where your strengths lie.
98% of the business owners surveyed said they would prefer to focus more time on business growth or nurturing there a competitive advantage. Maybe you can relate to one or all of these but the three ways business owners surveyed prefer to spend their time are by developing business strategies, making a direct impact on customers, and innovating products and services.
3. Trust the experts.
Almost half of the business owners surveyed (45%) reported the top benefit of taking a step back would be less stress, and if they were able to outsource or delegate some of their work, within just 30 days, they would be less stressed. Pick your growth strategy and take a step back to prioritize the future over everyday tasks.
Just in case you need a good reason (or 10), here’s why you should outsource your accounting.
We know the past (almost year) for small businesses and nonprofits has been full of ups and downs. As your organization continues to recover, don’t lose sight of your vision and mission, And don’t lose hope; things will get better.
To read more insightful data from this survey, you can find it here.
If you’re looking to outsource any of your small business, nonprofit or social impact organization’s back-office operations, feel free to give us a call at (321) 233-3311 or email us at hello@yourbluefox.com. And bonus, our team of foxtastic bookkeepers are certified QuickBook ProAdvisors.
Here are some other articles you might enjoy reading:
Are You Paying Too Much for Payroll?
How Kindness Leads to More Profit and Productivity
The Hidden Costs of Wearing Too Many Hats
