3 Major Challenges Small Businesses Will Face in 2021 | News & Trends - Best Webhosting

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Watch WebHosting GoDaddy Video: 3 Major Challenges Small Businesses Will Face in 2021 | News & Trends.
Editor for The Kiplinger Letter reveals how small business owners can prepare for shortages in 2021. Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe

0:00 Who is Jim Patterson of The Kiplinger Letter?
0:21 The impact of labor shortages on small businesses
0:53 Logistical challenges on supply chain management and material shortages
1:22 Dealing with rising prices for products and services
2:25 The importance of planning ahead to prepare for customer demand

As a Managing Editor of the Kiplinger Letter, a popular business periodical, Jim Patterson has valuable insights to share for small business owners in 2021. While he predicts it’ll be a great year for the economy with tremendous opportunities for small businesses to thrive, you’ll have to navigate three major business challenges to succeed long term. With labor shortages being one the biggest issues, Jim encourages entrepreneurs to speed up their hiring plan months in advance to find qualified workers once the need arises. There are also many logistical challenges across the economy such as slower production, increased prices and material shortages. That’s why Jim Patterson recommends stocking up on business necessities to ensure you’re less vulnerable to future shortages in order to continue running your business successfully. In an environment of rising prices, business owners must find a way to keep their costs under control and adopt more efficient operations. Doing this will allow you to stay ahead of the competition and increase customer loyalty — two integral factors in business success. As the year progresses, entrepreneurs must plan ahead and remain adaptable so they can take advantage of the good times coming.

References:
63% of small businesses anticipating revenue growth say they are likely to hire new employees.
https://themanifest.com/staffing/small-business-recruiting

66% of organizations stated that their supply chain strategy will need to change significantly in order to adapt to the new normal. https://www.capgemini.com/research/supply-chain-resilience/?utm_source=pr&utm_medium=referral&utm_content=bsv_none_none_pressrelease_none&utm_campaign=other_cri_supplychain_transformation

The price of raw materials is projected to increase 2.9% through 2021. https://www.supplychaindive.com/news/manufacturers-supplier-inventory-prices-shortages-covid/594392

Learn more about The Kiplinger Letter:
https://www.kiplinger.com
https://www.facebook.com/kiplingerpersonalfinance
https://www.twitter.com/kiplinger

Resources for Small Businesses:
Venture Forward study: https://www.godaddy.com/ventureforward
Up-to-date info on COVID-19: https://www.cdc.gov
COVID-19 resources and grant information: https://www.covid19businesscenter.com

The information contained in this video is provided for informational purposes only and should not be construed as an endorsement or advice from GoDaddy on any subject matter.

#Shortages #LaborShortage #GoDaddy #SmallBusinessNewsandTrends

Published: Thursday, July 14, 2022 9:30 PM
Category: WebHosting GoDaddy

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