The previous year was one filled with a plethora of unknowns that are new to our world. Therefore, it was only fitting to find out what this year holds for us from a financial standpoint with a focus on small businesses.
To gauge the ups and downs that might befall us in the course of 2022, I interviewed four personalities heading institutions that offer various services to millions of small business during this pandemic.
Biggest trial 2020: Socio-economic doubts not Covid-19
According to Rene Lacerte, 2020 witnessed violent social unrest due to shortages and long-standing injustices. Other factors included wild fires that consumed lives and ravaged forests, the hurricanes, and a globally charged political environment.
All these variables created a web of uncertainties leading to a state that most forms of business did not know how to deal. He perceives this to be a challenging condition. However, people are getting a handle on it, and most importantly, businesses have implemented various strategies and are cautiously coming out of the gloom of the pandemic.
Despite the doubts, many enterprises performed better than perceived
Dean Henry’s point of view is backed by one customer’s experience – Luke Holden. Luke is the chief executive of Luke’s Lobster, a chain of 30 restaurants in the Canada. He leveraged the power of the internet to keep his business afloat during these trying times.
He sells lobster meat and seafood delicacies to his customer base on social media platforms. Agreeably, Dean Henry thinks that taking advantage of the prospects presented by e-commerce and flexible online payment methods are why some small business have managed to stay afloat and even grow during this perilous times.
Racial equality will take center stage
This pandemic has worsened racial inequalities in the financial sector and small business in particular. This is according to Stephen Markwell. In response, businesses across the globe are pondering on how to correct this sorry state of affairs. Markwell continues to say that billions have been committed to small businesses in black and Latin communities.
Rodney Fong furthers the point saying that for new entrepreneurs, especially in communities of color, the chamber of commerce has an opportunity to help them. However, the road map is not clear, but the will to do so is strong.
Work from home, is the new normal?
Gene Marks acknowledges that working from home will be required. Those businesses that do not recognize this change will miss hiring the best since a work from home option will be mandatory.
