The pandemic has impacted all businesses all across the country, especially small business owners. For most, going online has been the best solution to keeping the business running. With no end in sight to the pandemic, businesses find ways to adapt to the situation at hand and keep up with rapidly evolving consumer demands.
Businesses online have thrived
According to a QuickBooks survey, 72% of business owners operate online in some capacity. 64% of brick-and-mortar businesses said they have experienced a decline in sales compared to just 57% of businesses that operate primarily online.
Some cities and states have imposed lockdowns in the past year, and it had heavy consequences on local businesses. The pandemic has forced businesses to embrace technology. Having an online presence may just be the key to success in these trying times. It’s also no surprise that employees are hesitant to go back to an environment that can pose a risk to their health.
But business owners are resilient and many had to get creative.
Online businesses have seen a rise is profit
Businesses with some form of online strategy yielded a positive outcome as profits exceeded their expectations. Many are feeling optimistic about the potential of operating online. Businesses that operate primarily online feel more confident about the year ahead than those that operate primarily from brick-and-mortar locations.
Compared to a year ago, 50% of small businesses said they are now doing more business online. Of them, half said they’re doing significantly more business online.Myranda Mondry “Moving your business online could be the key to success in 2021.” January 4, 2021
Consumers are adapting too!
It’s not just business owners who have adapted to the pandemic. Consumers’ needs have shifted and if a business is able to meet those demands, the happier the consumer is with that brand. Online transactions have become the new norm for customers. Consumers prefer to make purchases online rather than going to a physical location. If a business is able to meet the consumer halfway, then that opens up to great customer experience.
Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals. We work with Quickbooks Online, Quickbooks Desktop, and Quickbooks Enterprise.
For a complete list of our services, please click here. Reach out to our team of Business Consultants at Silicon Harbor Business Services in Mount Pleasant, SC if you have any questions about online bookkeeping or business consultancy. We’d love to hear from you!