October 5, 2020
By: Caity Roach
Main Street Monday – 72% of Small Businesses Are Optimistic That They Will be Able to Stay Open at Least 6 Months
Last week Verizon released findings from its Small Business Recovery Survey, which reveals the impact small business owners and decision-makers feel COVID-19 has had on their businesses. The survey, which was conducted by Morning Consult on behalf of Verizon, focused on 600 small and medium businesses that are currently open or plan to reopen. Survey results show that about 3 out of 5 small business owners expect the outcome of the 2020 presidential election to impact their business’ financial security, 55% have concerns about operating efficiently amid social distancing, and 72% are optimistic that they will be able to stay open at least six more months.
Here are some other key findings from Verizon’s Survey:
- More than half (55%) of the small businesses surveyed say that they are concerned about staying afloat financially with capacity restrictions.
- 67% of small businesses report declining sales, representing a moderate improvement from Verizon’s April survey results (78%).
- 67% of small businesses feel that their businesses’ financial security has already been negatively impacted.
- 92% say they are concerned about the effect of COVID-19 on all small businesses within the U.S. (down 3 percentage points from April).
- 52% of small business decision-makers report concern over their job security
- Only 36% of small businesses have invested in technologies that enable remote work.
- Among respondents whose businesses have implemented new remote collaboration systems, 67% say they have faced challenges doing so.
- 49% say that remote work has boosted employee satisfaction and morale
“It’s crucial for us to understand the obstacles our small business customers are facing and determine how we can overcome these challenges together,” says TJ Fox, President of Verizon Business Markets. “One of the key voids we are helping our customers fill is an overall investment in their digital transformation. Technologies that enable remote work and collaboration and that provide mobile security and streamline workflow are integral to the success of small businesses in this new reality.”