Market Reopening Small Business Survey (June 2020) – The Real Impact on SMB Owners
[ Article was originally posted on https://bizit.com ]
With this in mind, the Bizit research team approached small business owners, founders and managers and asked questions about the state of their business, clients, and what their problems and strategies are, in order to support their small business after 3 months of COVID-19 pandemic.
We surveyed 1,876 small business owners (owners, founders, managers or chief executives) across all 50 states to understand how they’re adapting to the COVID-19 pandemic, what they find challenging and what’s working well.
We want to share with you the key insights and learnings we gathered.
The Impact of COVID-19 Pandemic on Small Business From March to-Date
63% of the participants responded that the pandemic had a negative impact on their small business which resulted decrease in demand.
Of small business that experienced decrease in revenue, 48% report revenue losses of 10%-35%, 39% of small business owners report revenue losses of above 35% and 13% reported that they lost their entire revenue.
What adjustments have you had to make to adapt your operations to business conditions?
Of the nearly 2,000 small business owners we surveyed between May25-29, 44% of small business owners reported that they had to close their physical location and work remotely as a result of the COVID-19 pandemic. 12% reported that they reformatted their physical space or retrained employees to meet social distancing guidelines. 11% ceased operations temporarily and 7% invested to take advantage of new business opportunities that lie ahead.
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