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Understanding Modern Small Business

Understanding Modern Small Business

Owning a small business is heralded as one of the most respectful yet challenging occupational decisions one can make. It means complete creative control, it requires one to fulfill a societal need, it keeps the economy running, and it is a declaration of independence. Simultaneously it requires the constant oversight of every aspect of the business, endless hours of dedication, and a lot of determination.

For years this meant building up a small shop or restaurant for the community. Building respect, loyalty, and consistency defined the early years of small business. Today though things are changing. COVID and the pandemic saw almost 30% of all small businesses shut down. On top of this those that survived have had to almost completely shift their intentions.

Today 50% of small businesses are focused on growth and rebuilding while 36% are focused quite simply on survival. In response 62% of businesses have shifted to a digital based plan, 28% of which are already putting it into action. This is one of the biggest shifts in the small business market, digital business.

It certainly comes at no surprise when considering the state of the modern world. Today industry is dominated by large superpowers and monopolies, so much so that small businesses have simply lost their influence in a lot of the most prominent fields of the past. The digital realm is one place where this does not hold true. 

Digital business growth allows for have a lot more independence and power in how they operate. The freedom, efficiency, and practicality of digital work makes it possible for many small business owners to work on multiple projects at once. There are even several applications that make digital business much easier to manage that physical business owners simply have no access to. 

This is the key to understanding modern small business. The world of small quaint mom and pop shops is simply in the past. Instead, small businesses operating digitally, supplemented by other independent digital services are rapidly becoming the majority. Business is an expression of autonomy and there is no place with a greater sense of it than the digital world.