Verizon Business Survey Finds 68% of Small Businesses Believe They Can Recoup COVID-19 Related Losses
May 26 2020 - 9:00AM
Verizon Business today released findings from a recent survey,
“Small Business Response to COVID-19” to better understand the
impact small business owners and decision makers feel COVID-19 has
had on their businesses. The survey, conducted by Morning Consult,
focused on 500 small and medium businesses that are currently open
or plan to reopen. One of the survey’s key results is that
small businesses have renewed confidence, with 68% believing they
can recoup COVID-19 related losses.
Key Survey Findings:
As businesses grapple with the economic impact of COVID-19,
these responses highlight the assistance small businesses feel they
need, the communities they feel most supported by, and the
changes they have made to adjust to the new normal.
1. A Renewed ConfidenceThe
small businesses that have weathered this pandemic to date express
an overall optimism and the financial wherewithal to eventually
reopen.
- 68% of small businesses believe they can recoup COVID-19
related losses
- 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.).
TJ Fox, President of Verizon Business Markets said, “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.”
2. Small Businesses Need Help Beyond Financial
AssistanceWhile much of the small business news coverage
has focused on government financial aid programs, the survey
results suggest small business owners are in reality seeking more
practical advice and assets to help them survive and thrive.
Relevant insights include:
- Expertise Needed For Recovery: Small businesses cite Financial
(54%), IT (42%), E-Commerce (42%), and HR (40%) as the key areas of
advice they would like to tap into.
3. Small Businesses are Adapting Their Businesses to the
New NormalAs these small businesses have faced challenges
both in managing remote employees, rules and regulations
surrounding opening and venue capacity, and the overall downturn in
the economy, they’ve found and continue to investigate new ways to
drive the bottom line. These pivots include:
- 43% plan on expanding their businesses through digital and
related technology
- 30% already added ways in which they deliver products and
services digitally
To date, Verizon’s total COVID-19 crisis commitment now stands
at over $55 million in contributions and donations to non-profits
around the globe. You can find more information on Verizon’s
response to the COVID-19 pandemic here.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on
June 30, 2000 and is celebrating its 20th year as one of the
world’s leading providers of technology, communications,
information and entertainment products and services. Headquartered
in New York City and with a presence around the world, Verizon
generated revenues of $131.9 billion in 2019. The company offers
voice, data and video services and solutions on its award-winning
networks and platforms, delivering on customers’ demand for
mobility, reliable network connectivity, security and control.
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Media contacts:Claudia
Russo201-400-5325Claudia.Russo@verizon.com
Howie Waterman917-359-5505Howard.waterman@verizon.com
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