This year has been a challenge unlike any other year for American businesses with unexpected closures lasting for uncertain lengths of time, fluctuating regulations, and the unknowns awaiting for business this year. Small businesses are the backbone of America, however, where the spirit of American entrepreneurship is borne and resides – that venture risk that requires the entrepreneur to be part organizer, part rebel, and 200% hard worker. A 2019 study showed that U.S. Small Businesses make up a sturdy 55% of the American Workforce, with a total of over 30 Billion small businesses registered in the U.S. That’s no small number. Of those small businesses, 3.7 million were considered microbusinesses, or those that employ 10 people or less.
With small businesses being the wheels of the economy and innovation in our country, the work and contribution small businesses make should never be taken for granted. It is your business that keeps your community employed, your business that meets the need for the goods and services in demand by consumers, and your business that keeps an economy moving forward even under the hardship of a pandemic. Press on, Entrepreneurs, and keep the following in mind:
PLAN TO ADAPT
As you look to the coming months, possessing the foresight to know what your customers need will align your business to maintain and grow. Set your business up to be fully operational, as much as possible, despite varying regulations that affect in-person transactions.
- Paperless tools: make it easy for clients to receive, sign, and save your transactional documents securely from their own devices from anywhere.
- Offer new products: your customer’s needs have changed, to a degree, just as your business needs have changed. Ask/study what your customers need and find creative ways to provide solutions for them.
- Don’t wait for customers to come to you: with so many store and shoppe closures, find ways to ramp up your delivery to the customers to keep your products in their hands affordably and conveniently.
CREATE BRAND VISIBILITY
More than ever, your online advertising matters. Ecommerce has surged with the temporary closure of so many businesses, and as your business adapts and grows in these new times, your name should be in the forefront of customer’s minds.
- Trademark your business & product name: ensure that you can protect the reputation for quality you have built, and claim your advertising rights by filing for trademark registration of your products, services, and brand.
- Promote your brand name: if you aren’t already investing in online advertising, now is the time to begin. If you already advertise online, find new and creative ways to reach your customers. Be available, and be communicative.
PLAN FOR THE FUTURE WISELY AND WITH OPTIMISM
Continue to plan for the future, even with uncertainties ahead. You may have to deviate significantly from your business plan, or completely write a new business plan, however, keep your goals in mind and continue to work towards them.
- Know your financials: though it can be a formidable task, know your business numbers well and plan/adjust accordingly.
- Be a voice of Strength: Find ways to maintain your optimism, surround yourself with positive people, and encourage your employees, staff, and customers.
At Behrends Legal, we look forward to helping you file your trademark, form your business entities, draft the business documents you need, and more, to help you as you prepare to guide and grow your business through the coming months. Stay safe and stay Small Business Strong.
 55 Staggering Small Business Statistics & Facts for 2020 – https://websitebuilder.org/small-business-statistics/#:~:text=%2055%20Staggering%20Small%20Business%20Statistics%20%26%20Facts,Only%203%25%20use%20their%20home%20equity%2C…%20More%20