A recent Verizon business recovery survey has revealed how SMEs feel about the pandemic’s ongoing impact.
72 per cent of small businesses believe that if conditions in the U.S. remain as they currently are, they will still be able to remain open and operational for at least six months or more.
This figure comes off the back of a recent Verizon Small Business Recovery Survey, which was conducted across 600 small to midsize business owners and decision makers in the U.S., and covers the period of August 26 to September 4, 2020.
Despite this optimism from many businesses, just over half believe that if social distancing regulations and measures to limit capacity remain, they have concerns about being able to stay afloat financially. Many food and beverage concepts are able to offer off-premise sales and delivery options, but this naturally isn’t as viable for businesses operating in industries that haven’t provided that option in the past. That being said, a report released by the National Restaurant Association only weeks ago revealed that approximately 100,000 restaurants had closed as a result of the pandemic.
Some figures revealed by the survey appear negative, but are actually surprising silver linings. 67 per cent of businesses have reported declining sales, which is a worrisome figure, until it’s compared with the 78 per cent reported back in April 2020. Slowly but surely, the economy is returning to a positive state.
Additionally, 62 per cent of respondents have adapted to new working conditions, with almost two-thirds of the group surveyed stating that remote working has allowed their teams to balance work and their personal responsibilities effectively.
There’s still quite a lot of work to be done to alleviate woes, however, with 86 per cent of businesses still concerned about the pandemic’s overall effect on the U.S. economy.
