The coronavirus pandemic has indeed subjected many businesses to untold suffering and losses. If your business is struggling, now is not the time to give up. Instead, you should think of ways to remain afloat during these difficult moments. For a small business, there is a lot of pressure to perform after launch. This often leads to the failure of roughly 20% of small businesses. On the contrary, as many as 45% fail within their first five years. Following the outbreak of the COVID-19 pandemic in 2020, their chances of remaining afloat have become slimmer. As such, the number of bankruptcies has risen more than ever before, with Bloomberg's report showing that bankruptcies have increased by over 36%. While bankruptcies cannot be overstated, there are many ways for small business owners to safeguard against the folding over. Here are a few of them.

Change is something that does not excite many people. Yet, we must be embraced if organizations are to keep up with the changing times and marketplace. While many people talk more about the management of change, it is a topic that is easier said than done. It is a process that eludes many organizations. In some instances, failure to manage change has made some companies obsolete and kicked them out of the market altogether. So, how can leaders manage change successfully, considering people are not always excited about it? Here are the best pitfalls you should be careful about when managing change in your organization.

The past year has not been easy for businesses, and 2021 is not so good either. However, many businesses still hope that things will continue looking better and full recovery can be experienced before the end of the year. Whatever the challenges you experienced last year and what you have faced this year, you should learn from the challenges and mistakes you made to turn the future into success for you, your business, and your customers. Be ready to wipe the slate clean and focus on the bigger and better things ahead by setting up achievable yet ambitious goals to take you to the next level. Here are some overreaching market goals that can help you turn things around this year as you seek to recover from the pandemic-caused effects.