Overcoming Small Business Challenges Post-Pandemic

How To Tackle Common Post-Pandemic Small Business Challenges And Thrive
Over the past year and a half, entrepreneurs and business owners have faced many small business challenges that they may never have anticipated. Even as restrictions around the United States ease, many of these businesses are not out of the woods—yet. Although small businesses are the heart blood of the economy, and many continue to face challenges due to the pandemic. A recent survey by the Federal Reserve Bank found that 3 out of 10 small businesses in the U.S. say they likely won’t survive 2021 without additional government assistance. For expert advice on handling small business challenges in a post-pandemic world, we brought together five organizations dedicated to helping them survive and thrive in the face of challenging economic situations. During a #BizHackLive panel, they engaged in a fast-paced discussion about what strategies and approaches small businesses are using to adapt after COVID-19. Our panelists included:- Ascendus: Fabiana Estrada, director of lending SE
- The Florida Small Business Development Center (SBDC) at FIU: Brian Van Hook, regional director
- Goldman Sachs 10,000 Small Businesses Program at Miami-Dade College: Pamela Fuertes, executive director
- The Idea Center at Miami Dade College: Gustavo Grande, director of programs
- Miami Bayside Foundation: Michael S. Sellinger, director of loan programs
TL;DR: 3 Tips for Overcoming Small Business Challenges
By addressing many of the small business challenges arising from the pandemic, resilient entrepreneurs, founders and owners survived and thrived in the face of seemingly insurmountable odds. Here are three ways they adapted and stayed agile, according to our expert panelists from five organizations dedicated to helping small businesses.- From Zoom to delivery apps, using the power of the screen helped many small businesses address the challenges resulting from COVID-19 lockdowns and restrictions. In the future, training for new technology will continue to allow businesses to run smoothly and support future growth.
- Connecting with the community helped many small businesses continue to operate throughout the pandemic. Now, building authentic relationships is more essential than ever as people crave in-real-life human connections.
- When the pandemic hit, so did many unprecedented small business challenges. Small business owners pivoted their business strategy to stay alive. These rapid adjustments will be part of future strategies to stay ahead of future challenges and remain resilient.
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Here are some of the most common small business challenges our experts saw during the pandemic, and they witnessed small businesses survive and thrive.Top Small Business Challenges and Solutions During COVID-19
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Quickly pivoting the business strategy
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Handling HR issues
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Securing financial readiness
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Leveraging new technology
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Finding new marketing channels
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Keeping in-person services safe