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New Directions for Small Businesses in the Post Pandemic Era

by Mar 16, 2022Small Business Leaders

In most parts of the country, we are emerging from the pandemic. It’s time for new directions for small businesses. Masks are not being mandated, and deaths from Covid and the variants have been declining. With obstacles to business success falling away, what are your plans for this new phase? What will be the future challenges?

All businesses are suffering from hiring challenges and rising costs

A study taken this month by the Census Bureau’s Small Business Pulse Survey of small businesses cite that finding and hiring new employees is at the top of the list of priorities. The survey points to an 89% increase in this need over the prior year.

big challenges for small businesses
Hiring and supply chains are two of small businesses’ most important needs. U.S. CENSUS BUREAU.

New directions for small businesses – but where are the workers?

Why aren’t more applicants available? Americans are getting crushed, whether from child care issues or managing Covid concerns. The most evident reason for families with children is that child care is so expensive. That keeps women at home and out of the workforce.

On the other hand, men seem to be seeking employment much more urgently than women. Here are some of the reasons workers want a new job:

Here are a couple of ideas you may not have considered: 

Online recruiting services like Indeed, Zip-Recruiter, and Glassdoor Jobs have excellent screening techniques and add real value to your search process. Look to recruitment channels you haven’t used in the past for increased exposure to applicants. Ask and reward your existing employees for referring others for unfilled positions. Make your small business a place workers would love. Check out my article on “6 Steps to Make Your Small Business a Great Place to Work”

The second challenge in determining new directions for small businesses

Small businesses are focused on retaining workers because of worker shortages force companies to pay higher wages. In a recent Alignable survey, 71% of companies had to open their wallets and pay higher salaries in February of this year. 

How do small business owners deal with these demands? Most are just raising their prices along with everyone else. A net 68% reported raising their average selling prices with 60% indicating price raises will occur next quarter.

Other ideas:

Source out possible alternate suppliers of products and services. With supply-chain challenges, companies are shopping around for backup suppliers. It has become more competitive in the marketplace, and new supply-chain options are available for those who do the research.

The advantages can give you a handle on your cash requirements by giving you control over your fixed costs for a few years in the future. You can seek longer-term supply arrangements by buying inventory, property, or equipment. The innovative companies are not waiting for prices to go up; they are proactive and looking for opportunities.

About Henry:
Henry is a Leadership Coach and Mentor. He helps Owners and Executive Leaders develop their teams to grow their business so they can have more time, more results and more money. To learn more, Henry offers a FREE discovery call  check out the details on this website.