Small business owners in Colorado are regaining their footing after a uniquely challenging year
Nathan Macaluso //June 7, 2021//
Small business owners in Colorado are regaining their footing after a uniquely challenging year
Nathan Macaluso //June 7, 2021//
Small business owners in Colorado and across the country are slowly but surely regaining their footing after a uniquely challenging year. In Metro Denver, growing consumer confidence has contributed to improvements, while the Bloomberg Colorado Index, which measures the performance of the Colorado economy, is up nearly 12% year-to-date.
According to new research from Bank of America, business owners’ economic confidence and revenue expectations have bounced back significantly since last fall. We found that 60% of small businesses expect their revenue to increase over the next 12 months, and nearly 80% attribute this to the increasing availability of covid vaccines.
While these signs of progress are encouraging, we know that the journey to full recovery can be a long one. Below, I’m sharing some key insights from the Small Business Owner Report as well as tips to navigate the path forward as the economy safely reopens.
Hiring New Talent
Last year, unemployment rose sharply during the pandemic, forcing businesses to reevaluate their budgets and make tough decisions around talent. Given one-in-five business owners plan to hire this year, it’s important to ensure your business is attractive for top talent.
Reevaluate Short and Long-term Goals
Colorado business owners took advantage of many resources and programs throughout the last year to navigate the pandemic, leaning on friends and family and seeking professional guidance. And while one-quarter applied for a business loan or line of credit over the past year, only 16% say they will seek financing in 2021. To continue this positive momentum throughout 2021, consider these strategies:
Operational Shifts
Business owners adapted their business for the health and safety of their employees over the past year. As the economy begins to reopen, 62% anticipate that the operational changes they made in response to the coronavirus will continue beyond the pandemic – specifically enhancing their sanitation practices and building a digital sales strategy. As digital proliferation continues, we expect to see more helpful tools come out for business owners.
Overall, we’re seeing encouraging progress for the small business community in Metro Denver and we’re looking forward to helping business owners thrive in 2021 and beyond.
Nathan Macaluso is Bank of America’s Small Business Banking Manager for Colorado.