This session will help you determine the areas of your business you can delegate to an outside source and how to manage it in the most effective ways.
Infographic: Small Business Outlook and Challenges for 2020
May 23, 2022
Rating
The economy helped many small businesses thrive in 2019, but 2020 could be a whole different story.
SCORE’s latest infographic highlights the outlook and challenges for small businesses in 2020.
The US economy is strong, but slowing:
- GDP growth will drop:
- 2.2% in 2019
- 2.0% in 2020
- 1.9% in 2021
- Unemployment will increase:
- 3.6% in 2019
- 3.5% in 2020
- 3.6% in 2021
- Inflation will increase:
- 1.6% in 2019
- 1.9% in 2020
- 2.0% in 2021
- Manufacturing will decrease:
- 2.2% in 2019
- 2.0% in 2020
- 1.9% in 2021
Most small business owners feel only “somewhat prepared” for the challenges ahead.
- 24% of business owners feel very prepared.
- 62% feel somewhat prepared.
- 13% feel not very prepared.
- 1% feel not at all prepared.
Challenge #1: Economic downturn
- 11% of business owners feel an economic downtown is extremely likely.
- 22% feel it is very likely.
- 34% feel it is somewhat likely.
- 27% feel it is not very likely
- 6% feel it is not at all likely.
How to prepare:
- 75% rate their company’s cash flow in 2019 as “good” or “very good” so apply for financing while your numbers are strong.
Challenge #2: Tight labor market
Most companies cannot fill open positions.
How to prepare:
- 43% of the US workforce will be freelancers by 2020 so take advantage of the growing freelancer pool.
- 50% of workers will be working remotely so offer perks to attract and keep employees, such as remote work.
Challenge #3: Cyberattacks
43% of cyberattacks target small businesses.
How to prepare:
- Watch SCORE’s webinar “What Small Businesses Need to Know About Cybersecurity”
- Read our “The Small Business Guide to Cybersecurity” to develop a plan
Challenge #4: Natural disasters
40 to 60% of small businesses never reopen their doors after a disaster.
How to prepare:
- Browse through our Small Business Disaster Preparedness Resources
Work with a SCORE mentor to help you prepare your small business for the new decade.
Infographic designed by Easel.ly.
SHARE THIS ARTICLE
Learn about the top 10 types of small business financing, how to prepare for financing, increase your approval odds, ways to overcome credit obstacles and more.
CONNECT
712 H St NE PMB 98848
}
Washington, DC 20002
1-800-634-0245
Copyright © 2024 SCORE Association, SCORE.org
Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.
In partnership with