As massive issues like the COVID-19 virus and issues within global supply chains rocked the economy of 2021, thousands of people were left fearing that the economy would take further downturns. However, many businesses found ways to rise to the challenges presented to them, and one area that was present in is Columbia, SC.
But what business trends popped up in the area this year, and what can we learn from them?
Well, that’s where we come in. It’s time to dive into our overview of the economic and business growth in Columbia, SC in 2021.
But enough preamble, right? Let’s get right into the thick of things!
Large and Small Business Growth in Columbia
One of the main things aiding businesses in Columbia, SC was legislation within the state. For example, the Angel Investor Act helped investors continue to provide funding to start-up companies even in more uncertain economic climates. It did so by providing tax incentives to said investors.
2021 also saw a wide variety of businesses move away from dealing with the global supply chain to focus on local production and markets. This helped them avoid the current shortages affecting the global supply chain and keep the business running at full speed.
Adapt to Survive
A big economic trend in 2021 saw businesses forced to adopt new pressures to work around the pandemic. Restaurants emphasized their takeout or delivery and retail outlets implemented curbside pickup. Companies across the board introduced safety protocols and reduced occupancy to reduce the chance of viral outbreaks.
Businesses also had to contend with a trend towards labor shortages. Some adapted by defining a clearer purpose and offering better benefits. This helps them emphasize the opportunities they can offer future employees.
Others trended more towards automation, whether it was through using robots in warehouses to chatbots on websites.
Where to Put the Pressure
As for where your business needs to focus going into 2022, your digital presence cannot get ignored. As more and more consumers move towards online shopping, companies had to implement services onto digital platforms that previously could only get accessed through physical means.
For instance, car companies began offering virtual tours of their cars. This lets consumers see the different features close-up without an in-person visit.
Social media is also critical here as both an advertisement and engagement tool. The key is not to lose that personal touch. Eschewing in-person connections and grounded content for ads spat out by an algorithm is an easy way to make your company look out-of-touch and phony.
Finally, companies need to take a hard look at the data security and literacy within their company. The ability to access data like consumer reports and profit margins quickly and to identify patterns with accuracy is key for identifying what actions to take or skip. Without this data, you risk making uninformed decisions that will cost your company big-time.
Ensure a Brighter Future
And there you have it! Now that you have this overview of economic and business growth in Columbia, SC, you’re ready to tackle 2022 head-on!
Looking for ways to improve your business even further and provide better efficiency for your time and money? Then reach out to us and take advantage of our quality services!
