The Resources Available to Help Small Businesses Come Back Stronger

We surveyed our panel of experts about why it’s critical to support small businesses and what entrepreneurs to overcome the challenges presented by the COVID-19 pandemic.

Why is it important for us to support local small businesses, especially during these unprecedented times?

Small businesses are the lifeblood of the U.S. economy and too many — particularly those owned by women and minorities — have been devastated by the pandemic. As consumers are increasingly shifting toward ecommerce, these entrepreneurs are experiencing higher rates of store closures, lost revenue, and layoffs. The pandemic has only accelerated that transition, which has caused catastrophic ripple effects throughout local communities. 

At Klarna, we advocate for businesses of all sizes by offering them increased visibility, andvaccess to new customers and payment options. To show our support and aid in their recovery, Klarna is proud to commit $4.5 million in free payment and marketing services to

100 small businesses this year, focusing on those most impacted by the pandemic.

What is the biggest challenge facing modern small business owners today and what advice would you provide to these entrepreneurs looking to overcome this?

As millions of small businesses were forced to close their physical locations, small business

owners faced the challenge of finding new customers and increasing online sales. Many had never had to even consider this before. My advice is simple: Partner with platforms that have the retailer in mind and are committed to increasing product and brand visibility to new customers. 

Klarna has a network of 90 million shoppers and 18 million active mobile app users that shop from over 250,000 retail partners in our global network. These retailers benefit from offering alternative payment solutions, providing customers greater flexibility. Additionally, we highlight our retail partners through collections and curated content, enabling them to reach new audiences.

Which technologies have you seen make the biggest impact on small business recovery efforts during the pandemic?

Let’s face it, digital shopping is here to stay, and it’s only growing more popular. With that, businesses need to utilize technology to optimize the checkout and shopping experience. Providing shoppers with more purchasing power through flexible, transparent payment options is crucial. 

During the pandemic, one of our retail partners, Juiced Bikes, implemented a feature that skipped the cart page and took customers directly to checkout, which decreased one of the most critical problems online retailers face: cart abandonment. They also switched to offering Klarna’s flexible options and saw an increase in average order value.

Why is it important for us to support local small businesses, especially during these unprecedented times?

Hiretual works with a long list of small businesses who come from the staffing and recruiting industry. We’ve seen so many third-party service industries struggle to stay afloat during the pandemic as their clients navigate their own uncertainties and retract business. These small companies need support from the community, larger businesses, and even software vendors like us to build steady momentum for post-pandemic recovery. 

When recruiters and talent teams were laid off, many of these individuals were forced to start their own ventures and implement new business model approaches to generate income. We need to create a conducive environment for these new paths to emerge and accelerate.

What is the biggest challenge facing modern small business owners today and what advice would you provide to entrepreneurs looking to overcome this? 

Hiretual surveyed 245 small businesses in May to see how they were coping with hiring this year. We found that more than half of these businesses had trouble finding talent for open roles while 44 percent struggled to get responses from qualified talent. With larger enterprises enticing workers with higher wages and better benefits, small businesses are running into problems competing for talent while staying within their means. It’s going to be critical for small businesses to prioritize the experience of their workers and find creative ways to make up for things they can’t offer, whether through long-term value or mentorship.

Which technologies have you seen make the biggest impact on small business recovery efforts during the pandemic?

In that survey, 61 percent of small businesses said they were investing in more technology this year. When it came to hiring, close to half of small businesses — which included independent recruiters, small staffing agencies, freelancers, and emerging entrepreneurs — had introduced AI-powered talent sourcing tools to help them hire with speed and scale. Hiretual has made AI hiring more affordable for smaller companies during the pandemic and it’s been wonderful to see so much response. This means small businesses finally have more access to technology that can give them the upper hand against bigger brand names. 

Why is company culture so important for employee well-being?

It’s important because we now know an enormous amount about how stress and burnout affect us, both at home and at work. The science is clear that when we prioritize our well-being, we’re more creative, productive, and resilient, and we make better decisions. Well-being isn’t just a perk, it’s a competitive advantage. And there’s a direct connection between the health of a company’s bottom line and the health and well-being of every company’s most important resource — its people.

So in the same way well-being boosts our immune system, culture serves as a company’s immune system, giving it the resilience to meet inevitable challenges.

What made you realize your workplace burnout was beyond the point of comfort? What steps did you take to reduce your stressors?

My turning point came in 2007 when I collapsed from exhaustion and broke my cheekbone. I had bought into the idea that burnout was just the price we have to pay for success. But I came to realize that that’s just a collective myth.

So I learned everything I could about the connection between well-being and productivity. And I made a lot of changes to my life based on what I found out. I started getting more sleep. I started meditating again. And I became much more deliberate about building in time to recharge.

How have you found success in your own workplace wellness initiatives?

In my own life, I’m more productive, more energized, and more present. And with Thrive Global, I very deliberately wanted to model the idea of a sustainable startup, proving that burnout isn’t necessary for success, even for a startup. We’re living out our principles and showing that not only can we have exponential growth and prioritize employee well-being, but that well-being, unplugging, and recharging are actually key to exponential growth. 

Why is it important for us to support local small businesses, especially during these unprecedented times?

The economy won’t bounce back until small businesses bounce back. They are the backbone of our economy and the heartbeat of our communities. Representing more than 90 percent of the world’s total businesses and more than half of global GDP, it’s no exaggeration to say that when they rise, we all rise.   

We recognized early on in the pandemic that small businesses were both disproportionately important and at risk. That’s why we directed many of our resources toward them and made a commitment to help 50 million small businesses “go digital.” By boosting small businesses, we can support economic, community, gender, and social equity across the board. We also make our communities more vibrant and richer when we support small businesses.

What is the biggest challenge facing modern small business owners today and what advice would you provide to entrepreneurs looking to overcome this? 

One of the biggest challenges for small businesses is keeping up with consumers’ adoption of new technologies. With new ways to shop coming to our fingertips every day, the lines are blending between in-person and digital commerce experiences. 

We know being digital has a lot to do with business success. Visa wants to rally small businesses to get online and improve their bottom lines. We recommend they find online tools that can help them do the backend work so they can focus on doing what they love.  There are many great options like BigCommerce for digital storefronts, and Authorize.net for digital payments, invoicing, and fraud protection. Combined with business management tools from McAfee Security and Finagraph, it’s like having an entire backend office at your fingertips.

Which technologies have you seen make the biggest impact on small business recovery efforts during the pandemic? 

Visa and Authorize.net asked small businesses what they needed to move beyond surviving the pandemic to thriving as the country reopens. They heard loud and clear that small businesses needed practical tools to upgrade — or even start — their digital presence. We are answering this need by providing commerce in a box; key tools assembled in one place. The curated selection of offers, discounts, and bundles are designed to help small businesses start accepting digital payments, build an ecommerce site, market to their audience in new ways, and provide tools to run and protect their business. 

Commerce in a box is part of Visa’s commitment to digitally enable 50 million small businesses. Thousands will be delivered this summer to small businesses as part of Visa’s small business revitalization program. Any small business can virtually unbox commerce in a box at visa.com/unbox.

Why is it important for us to support local small businesses, especially during these unprecedented times?

Small businesses are the engine of our economy. They create employment, prosperity, and opportunities for their local community, and ultimately that success across the United States is what we need to fully recover from the pandemic’s economic impact. We need to support these local small businesses because we need them to lead us back to a strong and growing economy.

What is the biggest challenge facing modern small business owners today and what advice would you provide to entrepreneurs looking to overcome this? 

Across all industries, engaged employees create success: If you have great people who love what they do, half your problems as a business owner are already solved. The challenge small business owners now face as we leave the pandemic is how to get back the full benefit of in-person collaboration and culture, while also leveraging the new advantages of remote work that many employees have grown accustomed to during the pandemic. Large companies are aggressively attacking this problem and spending millions. Small businesses need to be smart here as well or they will risk losing access to the best talent. 

Which technologies have you seen make the biggest impact on small business recovery efforts during the ongoing pandemic?

Technologies that support communication. In particular, video conferencing solutions like Microsoft Teams, Zoom, WebEx, and all the others, and the tools that make those solutions powerful, like Windows laptops with collaboration software, webcams, headsets, microphones, and monitors. For a minor investment, small businesses can create virtual communication spaces in offices and homes, which used to only be affordable for large companies. 

The other thing worth mentioning is the rapid and permanent adoption of technology like Chromebooks, tablets, interactive whiteboards, and connectivity solutions in K-12 classrooms. This technology was once limited to a handful of lucky schools and will now be a standard, with great benefit to students and teachers.

Why is it important for us to support local small businesses, especially during these unprecedented times?

Small businesses have been some of the most resilient during the pandemic, and the innovation and adaptation we saw in this sector is inspiring. Small businesses have continued traveling throughout the pandemic because, in many cases, in-person interaction was essential to their success. The growth potential of these companies is virtually limitless, and the ideas coming from them are going to shape what’s next. It’s an area we’re highly focused on and excited about working with.

What is the biggest challenge facing modern small business owners today and what advice would you give to entrepreneurs looking to overcome this? 

In my opinion, one of the biggest challenges they face is a belief that just because they’re smaller means they don’t have the scale to access resources and benefits. I’d argue just the contrary, particularly with airlines; we’re now much more in tune with the needs of small businesses and have built a portfolio of programs and benefits built around those needs. 

Tap into partners like United, and we can help you get the scale and resources you’re looking for.

Which technologies have you seen make the biggest impact on small businesses recovery efforts during the pandemic?

Touchless technology. Customers are looking to do business in different ways than pre-pandemic, and reducing friction — and touch points — in the process is now an expectation. The great news is that these technologies are widely accessible, and easy to implement and use. At United, you can do almost everything you need using your mobile app, including checking bags and boarding the flight. Touchless technology is changing the game for companies big and small.