Turning an innovative idea into a successful commercialized product is no small feat. In fact, most hardware product design projects fail to deliver a positive return on investment. Research shows there are a myriad of contributing factors to hardware product design failure. And among a thousand decisions that need to be made in the product design lifecycle, there are fewer than 10 critical decisions that if made incorrectly, not only lead to new product failure in the market, but also start-up company failure.

The coronavirus pandemic has wreaked havoc on almost every industry and business, both small and large. While large enterprises have been affected, small ones have suffered the most from the pandemic. All over the world, many small and medium-sized companies were forced to stop their operations, with most of them having to realign to stand a chance of surviving the harsh times. Despite the loans and other packages that the government and other institutions have released, a Wells Fargo survey indicates that small business owners continue to face many financial challenges due to the global pandemic.

In the current age of uncertainty, there is very little over which we have any real control. This makes people uncomfortable—particularly in the business community, where business leaders and decision-makers struggle to plan for a future in a present that continues to take unexpected detours. The question is, how can businesses plan for growth when the goalpost (and the field and the players, for that matter) continue to move? 

 The COVID-19 has wreaked havoc on many businesses globally, both small and large. The majority of small businesses have been left struggling to stay operational, while many others have shut down altogether. The impact of the coronavirus pandemic has led to high health costs, reduced consumer spending, and disruption of the supply chain, all of which have affected businesses adversely. Although the short-term outlook for businesses varies significantly from one industry to another, it is crucial to consider the recovery mode and what your business will look like once things return to normal. Here are things that small businesses need to recover and thrive in 2021.