Verizon Business Survey Finds 55% of Small Businesses Concerned About Survival Amid Social Distancing Regulations
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'
- 55% of small businesses surveyed have concerns about staying
afloat financially with social distancing regulations that limit
- 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
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
Small businesses view
the 2020 election as critical to their financial survival,
regardless of owners’ party
- 81% of small businesses believe the
outcome will affect small businesses in the U.S. overall,
regardless of their party affiliation, while 57% say it will impact
their own business' financial security.
- 84% of small businesses believe the
outcome will affect the economy as a whole.
Small businesses are
feeling more confident in their business’ financial wellbeing, but
are concerned about the overall state of the economy.
- 72% of small businesses believe that
if conditions stay the same, they will be able to stay open at
least 6 months or more.
- 67% of small businesses reported declining sales, representing
moderate improvement, versus 78% in April.
- 91% believe that the pandemic has negatively impacted
nationwide small businesses.
- 92% have concern over the effect on all small businesses within
the U.S., compared to a high of 96% in April.
- 86% are concerned about the pandemic’s effect on the overall
- 52% of small business decision
makers report concern over their job security versus 56% in
Small businesses are investing in collaboration tools
and technologies that enable remote work.
- 36% have implemented new systems or
technologies to allow for remote collaboration.
- 76% of respondents find
collaboration between teams important in this challenging time, as
they integrate digital tools to create new business
Remote work has brought both additional opportunities
and challenges for small business owners and
- Among respondents whose businesses
have implemented new remote collaboration systems, 67% say they
have faced challenges doing so.
- 62% of small businesses with remote staff say remote work has
allowed employees to balance work and personal responsibilities
- 59% of small businesses with remote staff say remote work has
made it more difficult for employees to feel connected to one
- 56% of small businesses with remote staff say remote work has
blurred lines between work and personal life.
- 49% agree that remote work has
boosted employee satisfaction and morale.
Verizon Business’ small business COVID-relief programs include
the Comeback Coach Program, Verizon’s small business resource hub
that brings together valuable tools, services and advice, a free
Small Business Webinar Series, and the Women in Business Mentorship
Program, led by Verizon Business CEO Tami Erwin. Earlier this year,
Verizon launched Pay It Forward Live, a weekly live streamed
entertainment series to support the small businesses most affected
and the Verizon Foundation pledged up to $7.5 million in funding to
small businesses nationwide across three rounds of grants through
the Local Initiatives Support Corporation (LISC).
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 contact: Claudia
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