Verizon Business Survey Finds 55% of Small Businesses Concerned About Survival Amid Social Distancing Regulations
8 in 10 Believe the Outcome of the 2020 Presidential Election Will Affect Small Businesses in the U.S. Overall, Regardless of Owners’ Party
Nearly 2 in 3 Feel Their Businesses' Financial Security Has Been Negatively Impacted
72% Show Optimism They Will Be Able to Stay Open at Least Six Months or More
BASKING RIDGE, N.J., Sept. 28, 2020 (GLOBE NEWSWIRE) -- Verizon Business today 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, conducted by Morning Consult, focused on 600 small and medium businesses that are currently open or plan to reopen. This is a follow-up to a Verizon Business Small Business Survey conducted in April 2020.
Further Key Findings Include:
- Regardless of their party affiliation, small business decision makers view the outcome of the 2020 election as consequential: 81% say it will impact small businesses in the U.S., while 57% say it will impact their own business' financial security.
- 55% of small businesses surveyed have concerns about staying afloat financially with social distancing regulations that limit business capacity.
- 55% of small businesses have concerns about delivering services efficiently amid social distancing regulations.
- 72% of small businesses show optimism that they will be able to stay open at least six months or more.
- 67% of small businesses feel their businesses' financial security has been negatively impacted.
- 36% of small businesses have invested in technologies that enable remote work.
In making the announcement, TJ Fox, President of Verizon Business Markets, stated, “It’s crucial for us to understand the obstacles our small business customers are facing and determine how we can overcome these challenges together. 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.”
As businesses continue to grapple with the impact of COVID-19, these responses highlight how small businesses are operating in an environment that relies heavier on remote collaboration and touchless experiences.
Small businesses view the 2020 election as critical to their financial survival, regardless of owners’ party affiliations.