Interesting facts on 2021 small business management

Angelica A.

Picking up a book on small business management usually comes with the exciting promise of new information. And reading up on recently published material at this time of the year can be even more rewarding if we consider how 2019 has reshaped our planet. But the time for additional reading is hard to make in between reports, files, and many of our daily duties. And that’s why we’ve researched for you and summed it up into a few interesting facts on 2021 small business management. We hope you enjoy this quick read instead.

Also, please remember that small and medium companies differ from startups in a few ways. That's especially the case when we seek to get one started of either kind. Our CEO expanded on that in the linked article. 

Today, we are working with valuable information for any sort of entrepreneur. And we hope you can all make the best of this data for your current businesses. 

Research results on work from home for 2021

Towards the end of last year, Pew Research Center (PRC) published results on the way Americans work and how COVID-19 impacted this, or how it didn’t. We can primarily take from this research how about 50% of the American population moved to work from home in the process of the health crisis. And how that’s about the same amount of people who wish to keep doing so even once all of the associated health risks are over. 

Therefore, our first note is to consider the prevalent desire in current workers to keep flexible, telework, and cut back on traveling to complete their duties. We’ll expand on that throughout a few sections below. 

Education and class matters

The research we mention differentiates between duties from a home setting and those that can’t. So, a part of our interesting facts on 2021 small business management has to do with educational background and education. 

According to the cited source, “62% of workers with a bachelor’s degree or more education say their work can be done from home.” And that’s significantly different from the small “23% of those without a four-year college degree” who can claim the same. 

Unfortunately, this topic is also a matter of social class in some ways. According to the PRC, “upper-income workers can do their work from home, most lower- and middle-income workers cannot.” 

How can this be relevant to the way we run our companies? 

Well, for starters, the world has shifted in a numerous set of dynamics by strict and forceful need over the past two years. So, it might be worth considering if our small businesses could balance this typical organization of duties in any way for all of our teams. 

Just in case, there’s no desire here to lecture or moralize in any way. On the contrary, this is just a share of the newest information coming from recent research. 

In any case, hiring the right people has always been crucial. And that's so regardless of our specific background and educational needs. 

A plus side in flexibility

On another note, another interesting fact on 2021 small business management has to do with flexibility. 

While directly linked to telework, what’s important is how half (49%) of all 10,332 U.S. adults that were part of the nationally surveyed participants “say they now have more flexibility to choose when they put in their hours.” And we know schedule flexibility to be “the perfect work setup for a majority of workers.” That’s what the UK’s CompareCamp’s Flexible working statistics: 2020/2021 data, trends & predictions report stated May of last year. 

This topic is not just about working conditions for our teams, though. What's more, and in their words, it’s also what “helps businesses to thrive as well.”

Motivation is a significant variable in workplaces since the 2019's crisis. So it’s crucial to keep an eye out for those markers that can fruitfully bring the best working conditions to our staff. And flexible scheduling in remote work is a big part of that, it seems. But it’s not the only one. 

Stats that can mean financial savings for a company

According to these flexible working statistics, “75% of people who work remotely said they do so because there are fewer distractions.” Yet, it's also true that “86% of people feel that working remotely reduces their stress level.” These not so minor details can be quite significant for our team morale meetings. It can be a part of our efforts to build a unique company culture, for example.

In mathematical terms that we can transport to our finance books for 2021, these measures can save us “around $11,000 each year for each employee that works remotely. These savings come in the form of eliminated overhead costs such as utilities and office space.” Quite motivating, isn't it?

In the end, CompareCamp summarizes it beautifully. For them, “flexible work is one of the top four ideas shaping the future of HR and hiring.” And this might better explain why we include it here now. 

Enhancing work-life balance

To be clear, all of the above is meaningful as this kind of flexibility can quickly improve our team’s lifestyles. 

From those new to teleworking positions, for instance, 38% of PRC’s research participants said, “it’s easier now to balance work with family responsibilities.” So, part of the relevant considerations we can make is anything in our new dynamics for this year that could help us create better working environments. 

We can also think about bringing more quality of life to our teams how we're already working. And save ourselves fundamental sums of money to allocate elsewhere in our budgets. Plus still, get results in productive internal procedures. 

Keep track of your finances.

And now that we’re touching upon budgets, one of the most compelling ideas for this year in terms of financial health is using expense tracking tools and management apps. So let those lend a hand in producing savings and managing a business. 

Recurring, for instance, is a one-stop shop designed to cut back on unnecessary expenses while optimizing our spending. To help these remote hours, and even if we’ve gone or decide to go entirely physical in entire presence for our company procedures, managing usage and efficiency of our platforms can be a breeze with online tools such as Recurring. 

Artificial intelligence is no longer a dream of the future or some late movie fictional element. On the contrary, AI is here to stay. And it can significantly improve from our business presentation design and content to how we keep track of our SaaS tools and budgets in efficient ways. 
Let us know if we can help with more. We’ll be glad to pitch in further if we can.

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