The business world is treading dangerously through “Hard Times”(Though Dickens’s context was different). The companies are finding it tough to get going. The culprit in this scenario is the Covid 19 pandemic. Countless businesses were constrained to surrender as there was a complete dearth of demand in the market. If you go by figures, The Wall Street Journal predicts that around 200,000 businesses of varying services closed down.
Small businesses, being the most vulnerable ones, need to come out with some sustainability development plans. If you are manufacturing some wireless earbuds or some other electronic gadgets, you need to have some plan of sustainability. In this article, we are going to discuss the ways through which you can build upon a sustainability plan for your small business.
How Pandemic Affected Small Business In The USA?
COVID-19 created tremors and completely shattered business in the USA in particular and the world in general. The ecosystem of demand and supply completely collapsed. Certain figures will aptly make us understand why small businesses need some kind of sustainability plan.
- Around 99% of the businesses running in the USA fall under the category of small businesses.
- They employ around 47.3% of the entire labor force actively engaged in different businesses.
- Among the metro areas, San Francisco is one of the grossly affected states with 48% of closure rates.
- Though post-pandemic recovery is on its way, the economic direction is moving back and forth, showing less chance of improvements.
- On a national scale, around 34% of the small businesses are shut down, showing some grain of resurgence compared to the January 2020 figure, but that’s meek!
Experts are banking on some K-shaped recovery, but there is a lot more development that keeps waiting in the queue.
How To Build A Sustainability Plan In Your Business
Therefore it could be addressed that the pandemic has been devastating so far as the economy is concerned. The only tonic for keeping floating amidst economic landslides is building up sustainability plans. These are for long-term development.
Let’s look at some ways through which a sustainability plan could be built upon.
Step 1: Learn About Sustainability
First thing first, you need to know what sustainability is actually. The first thing that you need to be cautious about is knowledge of the market. Do you know that around 400,000 small businesses were closed during the first three months of the pandemic? There are certain ways through which you could fight economic downslide:
- Power of knowledge, that is, studying market metrics.
- Focus on the people’s profit and the planet.
- Going Green.
- Infusing new ideas.
Step2: Assessing The Area Of Improvement
The important thing that you need to focus on is learning the laws. Go to The Environment Protection Agency’s website and conduct research and analysis. You must also have access to the global issues that affect markets.
You also keep abreast of the global issue the world is jostling against day in and day out. These leviathans include global warming, energy and fuel crisis, and declining ecosystems. These are the contributing factors. You are not outside these and ought to know them how impunity you are.
Step 3: Finding Opportunities
In order to provide your business with buoyancy, you need to engage in bringing something completely new to the business. Strengthen your R&D, in what form or size you could implement. One more thing, you need to bring in technologies to do things in cheaper ways. You also need to persistently ask questions and find numerous opportunities for improvement. At the same time, you also need to move towards waste management.
For example, Unilever decided to use 100 percent reusable, recyclable or compostable plastic packaging by the year 2025. They intend to use 15% of recycled plastics by 2025. That will give them sustainability.
Step 4: Creating A Vision
As a small business, you need to be precise with your plans. No vagueness; absolute clarity. You need to have some pinpointed aims and objectives and a vision for a financial period. For this to happen, you need to choose from among the issues like Water disposal, water pollution, urban space management, air pollution, global warming, and others. Make a resilient plan. You need to create a small vision for each and every section of your business.
Step 5: Implementing Changes
Whatever you have planned for a financial period, you need to convey it to the different players internal to your business, like the managers, team leaders, and employees. Don’t forget to align your policies with your sustainability plan.
One more important component of a sustainability plan is vigilance. You need a strong vigilance structure, be it productivity, be it sales, or individual learning- you really need to upscale. Evaluation is a must.
The global business is going through a rough patch, and to bring a holder of small business, you must have a plan of sustenance. You have already seen that thousands of businesses were shut down during the pandemic. The only way through which small businesses survive is by planning ahead for the future. They need to follow the ones discussed above to carve success.