Sage study finds nearly three-quarters of U.S. small and midsize businesses expect to see pre-pandemic revenue levels by end of year - Seite 2

“It’s no surprise the COVID-19 pandemic disproportionately affected small and midsize businesses, along with their employees and customers. As we faced unique challenges at home and work, businesses saw great success implementing new programs, offering flexible work arrangements, and prioritizing commitment to the communities in which they operate,” said Nancy Harris, EVP and Managing Director, Sage North America. “As the world begins to reopen, it is critical that these key learnings from the last year are not lost, and that organizations continue to leverage creativity and technology to foster stronger relationships with employees, customers, and prospects for continued growth.”

Additional highlighted findings from the survey report include:

• The most significant government support program was the federal government’s Payroll Protection Program (PPP), as one-third of businesses surveyed cited the availability of government assistance as a key reason for business survival over the past 12 months.
  • When asked what government aid would bring the most positive impact over the next year, 52% said increased funding for COVID-19 testing and additional safety measures, followed by 47% noting more employee support – either in the form of stimulus or increased funding for items such as childcare – would be most helpful.
• Among those surveyed, finance leaders from companies with fewer than 250 employees were not only the most pessimistic about achieving revenue growth over the coming year, but they were also the most likely group to have been forced into either furloughing staff or reducing budget last year.
• For those who accelerated their digital transformation efforts, 40% of businesses believe they have become much more connected to their customers during the pandemic. However, this drops to just 11% among companies with fewer than 250 employees – the sector of respondents least able to invest in digital efforts over the last year.
  • In fact, 23% of these smallest businesses admit to feeling more disconnected from their customers, compared to only 8% of all respondents.
• Despite the economic turndown, 88% of businesses made some sort of charitable donation to their local community, and 49% are planning to further increase these programs next year – reinforcing their commitment to make charitable giving a priority.
• Four in five (79%) businesses anticipate chief financial officers will have more influence on the direction and success of their business in 2021. In fact, respondents expect finance to play a more active role in technology-based decisions (40%) and strategic planning discussions (26%).
• Finance professionals also extended their career skillsets significantly last year, as finance teams became a more integral part of all decisions.
  • Almost half (41%) of finance teams believe they’ve improved their technology skills, while many believe they’ve improved their management skills (29%) and soft skills (27%).
• When it comes to the reopening of workplaces, most businesses recognize the impact that increased employee recognition programs can have on loyalty and performance, with 87% saying that they have no plans to roll back the increased healthcare benefits provided during the pandemic, and 99% intend to maintain the same level of childcare/child-friendly office support.
• Only 16% of companies are decreasing budgets for employee food and in office perks throughout the year, showing many are planning for some form of office return.