Use these small business statistics from surveys, publications, and studies to make informed decisions for your company in 2020.
In 2019, the U.S. SBA reported that the U.S. has 30.7 million small businesses and those companies employ over 59.9 million individuals. These businesses exist in every industry from small book publishers to lawn care specialists and are as unique as the individuals that founded them.
However, out of the millions of new small businesses, 20 percent will close after one year and eventually 65 percent will no longer exist after ten years. These businesses fail because of financial mistakes, hiring issues, and a myriad of other challenges that plague a small company. One helpful way to keep your business afloat is to keep your finger on the pulse of statistics from the current business climate and learn to make informed decisions to avoid mistakes.
The growing concern for our planet paired with the world-wide effort to stop the spread of COVID-19 has dramatically increased the amount of remote workers in recent months. This trend is something that all small business owners should pay attention to. Baking in regular work from home days can stop illness from spreading and decrease carbon emissions since there are less cars commuting to work. This simple step will let your employees know that you are making efforts to decrease your company’s carbon footprint and prioritize their health at the same time. If you don’t already have a system in place try adding 1–2 remote days to your work week. According to a recent study, 90% of workers would appreciate this perk.
Recently, ZenBusiness put together an interactive resource that includes 50+ small business statistics and trends for 2020. They cover gig economy statistics, success rates, employer statistics, and more from authoritative sources and created a summary infographic with some key takeaways. Use this comprehensive tool to help you navigate through the challenges that small businesses owners face.