Verizon Business recently released findings from a recent survey, “Small Business Response to COVID-19” to better understand the impact small business owners and decision-makers feel COVID-19 has had on their businesses. The survey, conducted by Morning Consult, focused on 500 small and medium businesses that are currently open or plan to reopen. One of the survey’s key results is that small businesses have renewed confidence, with 68% believing they can recoup COVID-19 related losses.
Key Survey Findings:
As businesses grapple with the economic impact of COVID-19, these responses highlight the assistance small businesses feel they need, the communities they feel most supported by, and the changes they have made to adjust to the new normal.
1. A Renewed Confidence
The small businesses that have weathered this pandemic to date express an overall optimism and the financial wherewithal to eventually reopen.
- 68% of small businesses believe they can recoup COVID-19 related losses
- 46% (nearly half) of small businesses that remain open say their businesses will be able to stay open for more than six months if the pandemic continues in the same way
- 48% of small businesses say it’s unlikely they will need to resume operations with a smaller staff
- While 78% of small businesses indicate declining sales, less than a quarter (24%) say that they have missed or withheld any payments of bills (rent, utilities, etc.).
TJ Fox, President of Verizon Business Markets said, “These findings echo what we have been hearing from many of our customers: a feeling of optimism. Now that the initial shock of the pandemic has passed, many small businesses are focusing on the future by investing in new ways to adjust to the new work from a home model, optimize revenue and find ways to succeed in the new business as usual.”
2. Small Businesses Need Help Beyond Financial Assistance
While much of the small business news coverage has focused on government financial aid programs, the survey results suggest small business owners are in reality seeking more practical advice and assets to help them survive and thrive. Relevant insights include:
- Expertise Needed For Recovery: Small businesses cite Financial (54%), IT (42%), E-Commerce (42%), and HR (40%) as the key areas of advice they would like to tap into.
3. Small Businesses are Adapting Their Businesses to the New Normal
As these small businesses have faced challenges both in managing remote employees, rules and regulations surrounding opening and venue capacity, and the overall downturn in the economy, they’ve found and continue to investigate new ways to drive the bottom line. These pivots include:
- 43% plan on expanding their businesses through digital and related technology
- 30% already added ways in which they deliver products and services digitally
