{"id":51411,"date":"2022-03-24T08:00:03","date_gmt":"2022-03-24T15:00:03","guid":{"rendered":"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/?p=51411"},"modified":"2025-07-03T04:48:46","modified_gmt":"2025-07-03T11:48:46","slug":"future-of-small-businesses","status":"publish","type":"post","link":"\/us\/en\/blog\/future-of-small-businesses\/","title":{"rendered":"The future of small businesses: What you need to know"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">According to the <\/span><a href=\"https:\/\/cdn.advocacy.sba.gov\/wp-content\/uploads\/2021\/08\/30143723\/Small-Business-Economic-Profile-US.pdf\"><span style=\"font-weight: 400;\">SBA Office of Advocacy<\/span><\/a><span style=\"font-weight: 400;\">, in 2021 there were 32.5 million small busine<\/span><span style=\"font-weight: 400;\">sses in the U.S., which accounted for 99.9% of U.S. businesses. As these numbers show, small business is big now, and the future of small business is bright!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s why.<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">\ud83d\udc40\u00a0 Get an inside look at five small business success stories with our <\/span><b>free eBook<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/p>\n<div class=\"download-form-widget standart-download-form\" data-url=\"https:\/\/netstorage.ringcentral.com\/ebook\/\u0441ase_studies_small_business_success_stories.pdf\" data-id=\"6a0b184bd2a43\" id=\"6a0b184bd2a43\">\n\t\t<button tabindex=\"on\"  on=\"tap:6a0b184bd2a43.toggleClass(class='open')\" class=\"open-modal-download-action download-form-button\" type=\"submit\">\ud83d\udcd9 Get the eBook<\/button><\/p>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">\ud83d\udc40 \u200a Get this free eBook to access small business success stories. <\/div>\n<form class=\"download-form SMB\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"download form\" data-dl-name=\"Get it now\">Get it now<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:6a0b184bd2a43.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\">Enjoy! <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><\/span><\/p>\n<hr \/>\n<h2><span style=\"font-weight: 400;\"><a id=\"one\"><\/a>1. The economy thrives on small businesses<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The pandemic<\/span> <span style=\"font-weight: 400;\">was hard on many people. As many businesses closed their doors, there were significant job losses and the economy started in a strong downward trend. But small businesses may be the answer to these recent challenges.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Small businesses have played a key role in keeping the economy afloat. According to <\/span><a href=\"https:\/\/www.nerdwallet.com\/article\/small-business\/small-business-statistics\"><span style=\"font-weight: 400;\">NerdWallet<\/span><\/a><span style=\"font-weight: 400;\">, small businesses created 10.5 million net new jobs between 2000 and 2019, accounting for 65.1% of net new jobs created since 2000. There\u2019s every reason to believe that small businesses will continue to create new jobs and employ more people in the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A new <\/span><a href=\"https:\/\/www.uschamber.com\/sbindex\/summary\"><span style=\"font-weight: 400;\">survey from the U.S. Chamber of Commerce Small Business Index<\/span><\/a><span style=\"font-weight: 400;\"> revealed that 77% of small business owners are optimistic about the future of their business, and 62% reported that their business is in good health.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\"><a id=\"two\"><\/a>2. Small businesses are resilient\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If there was one silver lining to the pandemic, it was that small businesses proved once and for all that they are resilient and agile enough to survive hard times. <\/span><\/p>\n<div class=\"quote-text-break-point\">\n<p class=\"qute-text\">\u201cSmall businesses are resilient. And I think many have learned that they can adapt and they can move faster than they ever thought they could. Change is here and businesses are resilient and they need to embrace the change and embrace the opportunity that\u2019s coming.\u201d <\/p>\n<p class=\"quote-text-author\">\u2014Rene Lacerte, CEO and co-founder of Bill.com<\/p>\n<\/p><\/div>\n<p><span style=\"font-weight: 400;\">Small business owners who kept their businesses afloat during the global economic challenges caused by the pandemic proved their worth and quality. Entrepreneurs created new strategies to deal with an increasingly difficult economic situation, illustrating that small businesses are agile, adaptable, and flexible.<\/span><\/p>\n<div class=\"quote-text-break-point\">\n<p class=\"qute-text\">\u201cYou talk with small business owners who have been at the deepest and darkest hole \u2014 the pandemic \u2014 and there is this glimmer of light. That glimmer of light \u2026 has given small businesses incredible optimism.\u201d <\/p>\n<p class=\"quote-text-author\">\u2014Tom Sullivan,, VP of Small-Business Policy, U.S. Chamber of Commerce<\/p>\n<\/p><\/div>\n<p><span style=\"font-weight: 400;\">As a sign of that optimism, <\/span><a href=\"https:\/\/www.uschamber.com\/sbindex\/summary\"><span style=\"font-weight: 400;\">nearly half<\/span><\/a><span style=\"font-weight: 400;\"> of small business owners plan to spend more money in 2022 than they did in 2021 to invest in their businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/p>\n<div class=\"rc-post-content-cta rc-post-content-cta_orange\">\n<div class=\"rc-post-content-cta-columns\">\n<div class=\"bottom-cta-img\">\n\t\t\t\t<img decoding=\"async\" width=\"930\" height=\"700\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2021\/01\/GettyImages-629303716.jpg\" class=\"responsive-image\" alt=\"\" \/>\t\t\t<\/div>\n<div class=\"bottom-cta-copy\">\n<div class=\"headline-copy\" style=\"text-align:left;\">Small business success: The secret ingredients<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"rc-post-content-cta-footer\">\n<div class=\"bottom-cta-logo-container\">\n<div class=\"bottom-cta-logo\"><span aria-hidden=\"true\"><svg width=\"154\" height=\"34\" viewBox=\"0 0 154 34\" fill=\"#000\" role=\"img\" aria-labelledby=\"cta-ring-logo-1223891276\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t\t\t<title id=\"cta-ring-logo-1223891276\">Ring Central Logo<\/title>\t\n\t\t\t\t\t\t\t<path d=\"M154 3.89618H150.386V26.9657H154V3.89618Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M141.313 11.6299C137.976 11.6299 135.388 13.2501 134.95 16.5546H138.504C138.754 15.3082 139.675 14.5591 141.313 14.5591C143.214 14.5591 144.086 15.6499 144.086 17.3647V18.1444H140.438C137.078 18.1444 134.593 19.6411 134.593 22.697C134.593 25.7529 136.619 27.3411 139.55 27.3411C141.826 27.3411 143.323 26.3721 144.133 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href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/small-business-success\/\" class=\"view-all view-all-brown\" data-dl-name=\"Read the blog\" data-dl-element=\"button\" data-dl-additional-info=\"bottom cta banner\" data-no-auto-dl=\"true\">Read the blog<span class=\"svg-icon\" aria-hidden=\"true\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"#000\" role=\"img\" aria-labelledby=\"cta-ring-arrow-1223891276\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t<title id=\"cta-ring-arrow-1223891276\">Ring Central Logo<\/title>\t\n\t\t\t\t\t<path d=\"M0 11.5C0 11.2239 0.223858 11 0.5 11H21.6797C21.9559 11 22.1797 11.2239 22.1797 11.5V12.5C22.1797 12.7761 21.9559 13 21.6797 13H0.5C0.223858 13 0 12.7761 0 12.5V11.5Z\" ><\/path>\n\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M21.1718 12.0001L15.8086 6.63691C15.6134 6.44165 15.6134 6.12506 15.8086 5.9298L16.5157 5.22269C16.711 5.02743 17.0276 5.02743 17.2228 5.22269L23.6467 11.6465C23.8419 11.8418 23.8419 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New small business incentives encourage growth<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Many cities across America realize how important it is to create a vibrant community and are implementing new incentives for small business growth, ensuring that their communities continue to thrive. For example, many cities have introduced <\/span><a href=\"https:\/\/www.sba.gov\/local-assistance\/resource-partners\/small-business-development-centers-sbdc\"><span style=\"font-weight: 400;\">Small Business Development Centers<\/span><\/a><span style=\"font-weight: 400;\"> that specialize in supporting the needs of small businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Paycheck Protection Program also offered tax credits that paid employees of small businesses by electronic direct deposit or payroll card. The program&#8217;s goal was to both support small business owners a<\/span><span style=\"font-weight: 400;\">nd help ensure an easy way for workers to access their pay during the pandemic. According to <\/span><a href=\"https:\/\/www.nerdwallet.com\/article\/small-business\/small-business-statistics\"><span style=\"font-weight: 400;\">NerdWallet<\/span><\/a><span style=\"font-weight: 400;\">, of the 5.6 million PPP loans approved in 2021, 5 million went to businesses with ten or fewer employees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These incentives and others like them encourage growth and give back to small businesses. They help promote local community growth and entrepreneurship. The goal is to lift up communities by focusing on their greatest resources: their people.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The<\/span><span style=\"font-weight: 400;\"> future of small businesses<\/span><span style=\"font-weight: 400;\"> is looking up and is full of great opportunities for those willing to adapt quickly and work hard at their ventures.<\/span><\/p>\n<div class=\"quote-text-break-point\">\n<p class=\"qute-text\">\u201cSmall businesses contribute to local economies by bringing growth and innovation to the community. Small businesses also help stimulate economic growth by jobs for people who may not be employable by larger corporations. Also, small businesses have certain advantages over large businesses: flexibility, lean staffing, and the ability to develop close relationships with customers.\u201d <\/p>\n<p class=\"quote-text-author\">\u2014Julia,, Customer Advocate<\/p>\n<\/p><\/div>\n<h2><span style=\"font-weight: 400;\"><a id=\"four\"><\/a>4. Small businesses embrace their communities and remote work<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Small businesses recognize that the community is their lifeblood. In a survey of small businesses, <\/span><a href=\"https:\/\/www.salesforce.com\/resources\/research-reports\/smb-trends\/#downloadreport\/?d=cta-body-promo-3\"><span style=\"font-weight: 400;\">Salesforce<\/span><\/a><span style=\"font-weight: 400;\"> found that 67% of small business leaders say that community support has been important to their company\u2019s survival.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Customers are more inclined to shop<\/span><span style=\"font-weight: 400;\"> at local businesses <\/span><span style=\"font-weight: 400;\">that are proactive and show they care, while employees are more willing to work in environments where they feel safe and valued.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The same Salesforce report found that 83% of small businesses have at least some of their operations online. Of those, 95% moved a portion of their operations online in the last year as a result of the pandemic and remote work priorities. It\u2019s <\/span><a href=\"https:\/\/www.semrush.com\/blog\/small-business-stats\/\"><span style=\"font-weight: 400;\">estimated<\/span><\/a><span style=\"font-weight: 400;\"> that remote work will increase 13.5% even after the pandemic. All the more reason for a <a href=\"https:\/\/www.ringcentral.com\/solutions\/office\/call.html\">cloud based phone system<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interestingly, many small businesses are looking to make these changes more permanent. Three-quarters of small business leaders believe shifts they\u2019ve made to business operations over the past year will continue to benefit them in the long term.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/p>\n<div class=\"rc-post-content-cta rc-post-content-cta_yellow\">\n<div class=\"rc-post-content-cta-columns\">\n<div class=\"bottom-cta-img\">\n\t\t\t\t<img decoding=\"async\" width=\"930\" height=\"700\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2021\/04\/No-downloads-required-video-meetings.png\" class=\"responsive-image\" alt=\"\" \/>\t\t\t<\/div>\n<div class=\"bottom-cta-copy\">\n<div class=\"headline-copy\" style=\"text-align:left;\">6 steps for a successful remote work strategy<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"rc-post-content-cta-footer\">\n<div class=\"bottom-cta-logo-container\">\n<div class=\"bottom-cta-logo\"><span aria-hidden=\"true\"><svg width=\"154\" height=\"34\" viewBox=\"0 0 154 34\" fill=\"#000\" role=\"img\" aria-labelledby=\"cta-ring-logo-1186496494\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t\t\t<title id=\"cta-ring-logo-1186496494\">Ring Central Logo<\/title>\t\n\t\t\t\t\t\t\t<path d=\"M154 3.89618H150.386V26.9657H154V3.89618Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M141.313 11.6299C137.976 11.6299 135.388 13.2501 134.95 16.5546H138.504C138.754 15.3082 139.675 14.5591 141.313 14.5591C143.214 14.5591 144.086 15.6499 144.086 17.3647V18.1444H140.438C137.078 18.1444 134.593 19.6411 134.593 22.697C134.593 25.7529 136.619 27.3411 139.55 27.3411C141.826 27.3411 143.323 26.3721 144.133 24.8145H144.288V26.9529H147.716V17.4802C147.702 13.8276 145.833 11.6299 141.313 11.6299ZM140.58 24.5675C139.177 24.5675 138.303 23.8809 138.303 22.7339C138.303 21.4233 139.238 20.7383 140.921 20.7383H144.069L144.086 20.9549C144.088 23.2232 142.777 24.5675 140.58 24.5675Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M128.187 26.9657V19.2047C128.187 16.8979 129.623 15.4317 131.896 15.4317H133.321V12.0036H131.854C130.14 12.0036 128.893 12.6581 128.114 14.1243H127.988V12.0036H124.591V26.9753L128.187 26.9657Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M122.295 23.6627V26.9657H119.833C116.371 26.9657 114.47 25.3615 114.47 21.8997V14.9729H112.008V12.0036H114.47V8.03009H118.088V12.002H122.295V14.9713H118.088V21.4794C118.088 22.851 118.898 23.6611 120.269 23.6611H122.295V23.6627Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M100.161 26.9657V18.3C100.161 16.1793 101.472 14.7917 103.589 14.7917C105.615 14.7917 106.831 15.9627 106.831 18.2535V26.9657H110.452V17.6776C110.452 13.9046 108.618 11.6299 104.872 11.6299C102.593 11.6299 100.851 12.6565 100.073 14.0586H99.9444V12.0036H96.5548V26.9753L100.161 26.9657Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M86.8688 24.3814C84.5925 24.3814 83.0638 22.8542 83.0028 20.4528H94.0699L94.0539 19.2833C94.0539 14.2655 90.8119 11.6443 86.8512 11.6443C82.5729 11.6443 79.448 14.7002 79.448 19.4999C79.448 24.2996 82.3483 27.3555 86.8512 27.3555C90.6226 27.3555 93.085 25.3599 93.802 22.4291H90.2986C89.9103 23.5536 88.9559 24.3814 86.8688 24.3814ZM86.8544 14.6377C89.2222 14.6377 90.6258 15.9787 90.7204 17.8492H82.99C83.3317 15.9483 84.4834 14.6377 86.8544 14.6377Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M68.631 27.3732C74.0243 27.3732 77.0802 24.3814 77.7973 19.9395H74.1301C73.5863 21.9655 72.1105 23.836 68.6294 23.836C65.0457 23.836 62.1759 21.3912 62.1759 16.0413C62.1759 10.6914 65.0457 8.2531 68.6294 8.2531C72.2132 8.2531 73.6505 10.1236 74.1301 12.1191H77.7973C77.2037 7.6756 74.1943 4.7865 68.631 4.7865C62.6459 4.7865 58.313 8.96375 58.313 16.0927C58.313 23.2216 62.6459 27.3988 68.631 27.3988V27.3732Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M52.437 12.0036V14.0569H52.2654C51.4553 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\/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M11.6302 16.6477V16.5017C13.8424 15.8905 15.339 14.4051 15.339 11.0684C15.339 7.64031 12.782 5.14423 8.04169 5.14423H0V26.9657H3.73931V18.3H8.29354C10.4143 18.3 11.4746 19.3604 11.4746 21.4811V26.9817H15.2139V21.4811C15.2139 18.3946 13.9033 17.1482 11.6302 16.6477ZM7.84117 14.9329H3.73931V8.51618H7.83956C9.86562 8.51618 11.4233 9.35998 11.4233 11.7277C11.4233 14.0955 9.85119 14.9329 7.84117 14.9329Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M19.7329 9.60219C20.2077 9.60219 20.6729 9.46262 21.0676 9.19794C21.4638 8.93485 21.7718 8.55948 21.9531 8.11994C22.1359 7.68039 22.1824 7.19754 22.091 6.73233C21.998 6.26552 21.7702 5.83721 21.4333 5.50194C21.0964 5.16506 20.6697 4.93727 20.2029 4.84423C19.7361 4.75119 19.2532 4.79931 18.8153 4.98219C18.3758 5.16506 18.002 5.47306 17.7373 5.86769C17.4742 6.26231 17.333 6.72752 17.3347 7.20235C17.3298 7.67879 17.4694 8.144 17.7325 8.54023C17.9956 8.93646 18.3726 9.24446 18.8137 9.42412C19.1041 9.54604 19.4169 9.6054 19.7329 9.60219Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16.9769 0.548269C16.101 0.914019 15.307 1.44981 14.6364 2.12196L16.332 3.81756C16.7764 3.37 17.3041 3.01548 17.8865 2.77325C18.4688 2.53102 19.0928 2.40429 19.7232 2.40269C20.3537 2.40108 20.9777 2.523 21.5616 2.76362C22.1439 3.00264 22.6749 3.35556 23.1225 3.79991L24.8181 2.10431C23.8106 1.1001 22.5289 0.415123 21.1333 0.139206C19.7377 -0.139919 18.2907 0.00285184 16.9769 0.548269Z\" \/>\n\t\t\t\t\t\t<\/svg><\/span><\/div>\n<\/p><\/div>\n<div class=\"bottom-cta-link\">\n\t\t\t\t<a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/hybrid-remote-work\/\" class=\"view-all view-all-brown\" data-dl-name=\"Read the blog\" data-dl-element=\"button\" data-dl-additional-info=\"bottom cta banner\" data-no-auto-dl=\"true\">Read the blog<span class=\"svg-icon\" aria-hidden=\"true\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" fill=\"#000\" role=\"img\" aria-labelledby=\"cta-ring-arrow-1186496494\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t<title id=\"cta-ring-arrow-1186496494\">Ring Central Logo<\/title>\t\n\t\t\t\t\t<path d=\"M0 11.5C0 11.2239 0.223858 11 0.5 11H21.6797C21.9559 11 22.1797 11.2239 22.1797 11.5V12.5C22.1797 12.7761 21.9559 13 21.6797 13H0.5C0.223858 13 0 12.7761 0 12.5V11.5Z\" ><\/path>\n\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M21.1718 12.0001L15.8086 6.63691C15.6134 6.44165 15.6134 6.12506 15.8086 5.9298L16.5157 5.22269C16.711 5.02743 17.0276 5.02743 17.2228 5.22269L23.6467 11.6465C23.8419 11.8418 23.8419 12.1584 23.6467 12.3536L17.2228 18.7775C17.0276 18.9727 16.711 18.9727 16.5157 18.7775L15.8086 18.0704C15.6134 17.8751 15.6134 17.5585 15.8086 17.3633L21.1718 12.0001Z\" ><\/path>\n\t\t\t\t<\/svg><\/span><\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\t<\/span><\/p>\n<h2><span style=\"font-weight: 400;\"><a id=\"five\"><\/a>5. Small businesses employ almost half of the workforce<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">U.S. small businesses employ 61.2 million people, which equates to <\/span><a href=\"https:\/\/cdn.advocacy.sba.gov\/wp-content\/uploads\/2021\/08\/30143723\/Small-Business-Economic-Profile-US.pdf\"><span style=\"font-weight: 400;\">46.8%<\/span><\/a><span style=\"font-weight: 400;\"> of the U.S. population. That number contin<\/span><span style=\"font-weight: 400;\">ues to grow, with an increase in entrepreneurs over the last decade and bigger investments in small businesses over the past several years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Small businesses aren\u2019t just an important aspect of the economy, but also a significant part of the workforce. <\/span><a href=\"https:\/\/cdn.advocacy.sba.gov\/wp-content\/uploads\/2021\/08\/30143723\/Small-Business-Economic-Profile-US.pdf\"><span style=\"font-weight: 400;\">Statistics<\/span><\/a><span style=\"font-weight: 400;\"> show that small businesses continue to play a significant role in the economy and can adapt and grow over time.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\"><a id=\"six\"><\/a>6. Going digital and new technology is key to success\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">During th<\/span><span style=\"font-weight: 400;\">e pandemic, m<\/span><span style=\"font-weight: 400;\">any small businesses had to transition rapidly to an increased online presence. Digital operations like support, online ordering, and remote services were, and continue to be, in high demand from consumers worldwide.<\/span><\/p>\n<p><a href=\"https:\/\/www.salesforce.com\/resources\/research-reports\/smb-trends\/#downloadreport\/?d=cta-body-promo-3\"><span style=\"font-weight: 400;\">Recent data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that 71% of small businesses say their customers expect online transactions, and nearly the same proportion have an e-commerce presence. That\u2019s likely why more than half of growing small businesses accelerated investments in sales and customer service technology over the past year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Advanced technology is one of the top trends for <\/span><span style=\"font-weight: 400;\">small business owners. <\/span><span style=\"font-weight: 400;\">It&#8217;s becoming more and more common for small businesses to rely on remote and mobile services like cloud computing, mobile applications, and <\/span><a href=\"https:\/\/www.ringcentral.com\/ringcentral-video.html\"><span style=\"font-weight: 400;\">videoconferencing<\/span><\/a><span style=\"font-weight: 400;\"> to get work done.<\/span><\/p>\n<p><a href=\"https:\/\/www.theguardian.com\/business\/2021\/jan\/24\/small-business-gene-marks\"><span style=\"font-weight: 400;\">Stephen Markwell<\/span><\/a><span style=\"font-weight: 400;\">, Product Executive at of JPMorgan Chase, recently noted the following about small businesses:<\/span><\/p>\n<div class=\"quote-text-break-point\">\n<p class=\"qute-text\">\u201cThe barriers to entry have probably never been lower than they are today. It is literally over a thousand times cheaper to start up a business today as compared to 15 years ago. And this is fueled by the front, middle and back office moving to the cloud. It\u2019s fueled by application connectivity and open source and a number of other factors. And it\u2019s a strong funding environment, which we think we\u2019ll see at least through 2022, if not longer. This bodes really well for startups. And I think these small businesses will natively be more adaptable and resilient.\u201d <\/p>\n<p class=\"quote-text-author\">\u2014Stephen Markwell, Product Executive at JPMorgan Chase<\/p>\n<\/p><\/div>\n<p><span style=\"font-weight: 400;\">Small business owners who choose instead to rely on outdated legacy systems in the face of new technology will struggle in this economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, let\u2019s take a look at RingCentral\u2019s small and medium business customers. Small and mid-sized businesses upgraded their communications tech stack to RingCentral and saw the <\/span><a href=\"https:\/\/netstorage.ringcentral.com\/brief\/csm_survey_findings_smb.pdf\"><span style=\"font-weight: 400;\">following results<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">52% increase in return on investment (ROI)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">27% increase in revenue growth<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">47% increase in customer satisfaction<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">33% increase in employee productivity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">20% decrease in hardware costs<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">No one can predict what will happen in the future. One thing is sure: the way we do business will continue to evolve and change, including the technology we use. Small businesses need to stay on top of these changes to be successful.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/p>\n<div class=\"rc-post-content-cta rc-post-content-cta_green\">\n<div class=\"rc-post-content-cta-columns\">\n<div class=\"bottom-cta-img\">\n\t\t\t\t<img decoding=\"async\" width=\"930\" height=\"700\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2022\/03\/GettyImages-1146500483.jpg\" class=\"responsive-image\" alt=\"\" \/>\t\t\t<\/div>\n<div class=\"bottom-cta-copy\">\n<div class=\"headline-copy\" style=\"text-align:left;\">How small businesses are staying connected with RingCentral<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"rc-post-content-cta-footer\">\n<div class=\"bottom-cta-logo-container\">\n<div class=\"bottom-cta-logo\"><span aria-hidden=\"true\"><svg width=\"154\" height=\"34\" viewBox=\"0 0 154 34\" fill=\"#000\" role=\"img\" aria-labelledby=\"cta-ring-logo-1120837757\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t\t\t<title id=\"cta-ring-logo-1120837757\">Ring Central Logo<\/title>\t\n\t\t\t\t\t\t\t<path d=\"M154 3.89618H150.386V26.9657H154V3.89618Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M141.313 11.6299C137.976 11.6299 135.388 13.2501 134.95 16.5546H138.504C138.754 15.3082 139.675 14.5591 141.313 14.5591C143.214 14.5591 144.086 15.6499 144.086 17.3647V18.1444H140.438C137.078 18.1444 134.593 19.6411 134.593 22.697C134.593 25.7529 136.619 27.3411 139.55 27.3411C141.826 27.3411 143.323 26.3721 144.133 24.8145H144.288V26.9529H147.716V17.4802C147.702 13.8276 145.833 11.6299 141.313 11.6299ZM140.58 24.5675C139.177 24.5675 138.303 23.8809 138.303 22.7339C138.303 21.4233 139.238 20.7383 140.921 20.7383H144.069L144.086 20.9549C144.088 23.2232 142.777 24.5675 140.58 24.5675Z\" \/>\n\t\t\t\t\t\t\t<path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M128.187 26.9657V19.2047C128.187 16.8979 129.623 15.4317 131.896 15.4317H133.321V12.0036H131.854C130.14 12.0036 128.893 12.6581 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href=\"https:\/\/www.ringcentral.com\/\"><span style=\"font-weight: 400;\">RingCentral\u2019s cloud-based communications platform<\/span><\/a><span style=\"font-weight: 400;\"> helps small businesses to stay productive and competitive in the digital world. RingCentral\u2019s platform includes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Phone, messaging, <a href=\"https:\/\/www.ringcentral.com\/free-conference-call.html\">conference call services<\/a>, <a href=\"https:\/\/www.ringcentral.com\/contact-center.html\">contact center<\/a> integration, and more all in one app to support a work-from-anywhere business<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.ringcentral.com\/ccaas.html\">CCaaS<\/a>\u00a0capabilities and advanced analytics to increase sales and service productivity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">250+ integrations in the<\/span><a href=\"http:\/\/apps.ringcentral.com\/\"> <span style=\"font-weight: 400;\">RingCentral App Gallery<\/span><\/a> <span style=\"font-weight: 400;\">and open APIs through the<\/span><a href=\"http:\/\/developer.ringcentral.com\/\"> <span style=\"font-weight: 400;\">RingCentral developer portal<\/span><\/a> <span style=\"font-weight: 400;\">to customize all your workflows<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Seven layers of security and global certifications (including SOC 2, SOC 3, HITRUST, FINRA, HIPAA, C5, ISO 27017, ISO 27018, and GDPR compliance) to ensure your business is always protected<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">24&#215;7 support by phone, chat, and email so that you\u2019re never alone<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The future of small businesses will depend on the ability to embrace technology and stay competitive. There has never been a better time for your small business than right now. Take advantage of a <a href=\"https:\/\/www.ringcentral.com\/office\/features\/voip\/overview.html\">VoIP phone service<\/a> and keep moving forward into the digital age!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">RingCentral is your partner in the cloud. With RingCentral, you can focus on what matters most to you: growing your business and delighting customers with superior products and service.<\/span><a href=\"https:\/\/www.ringcentral.com\/solutions\/small-business.html?__mscta=3096_91276_11549\"><span style=\"font-weight: 400;\"> See our small business solutions page<\/span><\/a><span style=\"font-weight: 400;\"> to learn more about how RingCentral is helping small businesses grow.\u00a0<\/span><\/p>\n<div class=\"rc-subscribe\" id=\"new-rc-subscribe\"  style=\"background-image:url('\/us\/en\/blog\/wp-content\/themes\/ringcentral\/assets\/images\/temp\/subscribe.png')\">\n\t\t<button class=\"close js-popup-close\"><svg class=\"icon_close_mobile\" width=\"20\" height=\"20\"><use xlink:href=\"#icon_close_mobile\"><\/use><\/svg><\/button><\/p>\n<div class=\"rc-subscribe__wrapper\">\n<div class=\"rc-subscribe__wrapper_text\">\n<h3 class=\"rc-subscribe__title h2\">Stay informed with RingCentral<\/h3>\n<div class=\"rc-subscribe__subtitle\">Subscribe to our emails for the latest blogs, events, and exclusive content on AI-powered communication solutions. 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As these numbers show, small business is big now, and the future of small business is bright! Here\u2019s why. \ud83d\udc40\u00a0 Get an inside look at five small business success stories &#8230;<\/p>\n","protected":false},"author":29,"featured_media":51412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17901],"tags":[162],"class_list":["post-51411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-leadership","tag-small-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The future of small businesses: What you need to know | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"The future of small businesses is bright. Learn why this is the time to own a small business and how to be sure your business is set up for future success.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/future-of-small-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The future of small businesses: What you need to know\" \/>\n<meta property=\"og:description\" content=\"The future of small businesses is bright. 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