Marketing

SMBs optimistic on recouping losses due to COVID-19

May 27, 2020

More than half of small retailers, 68%, believe they will be able to recoup the financial loss brought on by COVID-19 and related mandatory shutdowns over the past two months.

That's a prime finding from a Verizon Business survey, "Small Business Response to COVID-19," conducted by Morning Consult that polled 500 small and medium businesses currently open or planning to reopen.

The survey, according to a press release, also reveals small business owners are feeling optimistic. Additional findings include:
•    43% plan on expanding their businesses through digital and related technology.
•    30% already added ways in which they deliver products and services digitally.
•    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.).

"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 home model, optimize revenue and find ways to succeed in the new business as usual," said TJ Fox, president of Verizon Business Markets, in the release.