Small Business Insights
For the third consecutive year, Sandy Spring Bank partnered with the Washington Business Journal to survey small business leaders in Greater Washington, D.C. and Baltimore to understand how businesses are faring and what they need to succeed. Key findings from the research are included in the below articles featuring topics around digital transformation, remote work, cybersecurity and talent attraction and retention.
2021 State of Small Business Research Findings
Small Business Executives Say They’re Bullish on the Metro Area’s Outlook, but New Survey Finds Issues Where They Want Help. »
Small businesses in Greater Washington, D.C. and Baltimore are bullish on their prospects and on the region’s business climate for the rest of the year, but are still in need of resources to help their businesses grow.
Access to capital is the most significant factor limiting the growth of minority-owned businesses, yet over half of minority-owned businesses are likely to expand their business by investing more capital.
In this next phase of recovery from the pandemic, remote work policies, technology investments and diversity and equality initiatives are at the top of to-do lists.
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Survey Results Indicate Digital Transformation is at the Heart of Small Firms’ Business Model Changes. »
Small businesses continue to make changes to their business models and strategies as they adapt to an economy in recovery mode from Covid-19 and a world that’s become increasingly digital.
For small firms, cybersecurity risks are their second-biggest worry behind the state of the economy.
Small businesses have made a number of changes to their business models in response to the pandemic and many of those changes are here to stay.