Small Businesses Are Feeling Optimistic, despite the challenges they are facing in the pandemic

Since the pandemic hit the world the people around the world are facing crises. No matter from where they belong and what professions they come from. Similarly, businesses are facing a lot of challenges in their field as compared to other people from different walks of life, especially the small businesses (SMBs) hit hardly by the deadly virus. Small businessmen are facing more challenges in comparisons of large scale businesses when compared.

To determine the problem of small businesses and how massively they are being impacted, Thrive Analytics surveyed around 10,125 respondents in December 2021.

According to the survey, 36% of the SMBs are hoping that the economic condition will improve in 2022. They are expecting as the whole world is now vaccinated against the corona so the condition will slowly improve in the upcoming 12 months.

However, 33% are still concerned and fearful of investing in long-term projects. These 33 percent are worried about what will happen on the next path because the pandemic is still not completely over from the world. Omicron is giving a tough time although it's not as dangerous as Delta variants, but the current fact is, it is still alive and disturbing the lives of people.

There are many aftermaths of the pandemic that these small businessmen are facing and the shortage of money is one of them. 70% of these 10,125 small businesses have very minimum operating cash in hand. They have less than two months of cash flow in hand. Although the cash flow is not the only problem they are facing and struggling with.

The other main problematic areas of these businesses are, digital transformation, hiring of staff, and supply chains.

A lot of businessmen are planning for their business to be given a new shape and design in 2022 with digital technologies and get rid of old legacy. As per the survey, 45% have already upgraded their website in the past year.

According to Jason Peaslee, who is the managing partner of Thrive Analytics. Despite the hardship and difficulty these small businessmen are still hopeful and feeling in positive ways and finding the new path for their businesses.

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