We decided to analyze our client’s financial performance for the last two years. (There's no denying it -- we are a bit nerdy!) Not surprisingly, we found that most small businesses had a difficult 2020 year. We noticed a few things when reviewing the data, such as:
- 90% of small businesses we analyzed experienced reduced sales but increased expenses.
- Most businesses chose to invest in their business by changing marketing strategies, increasing employee development, and expanding technology.
- Several businesses chose to pivot and offer complementary services to their main product or service.
- Many have abandoned the traditional office model and are allowing employees to work remotely going forward.
At BudgetEase, we decided to invest in future operations and boost our team education. We have taken on eCommerce applications and figured out what works best, stayed on top of issues important to nonprofits, and continue to ensure we are aware of stimulus and grant offerings for small business as they become available.
If we gleaned anything from our research, it’s how versatile small businesses are. We are proud to spend locally and support the amazing entrepreneurs in the city we call home. We encourage you to do the same.
Find out how we can assist you through this challenging time at www.budgetease.biz.
