Comcast Business surveyed nearly 600 small- to mid-sized business owners to learn how they’ve managed during the pandemic. Despite 86% of respondents experiencing a decline in business revenue, most SMB owners are optimistic with their business outlook. More specifically:
- The majority (78%) feel prepared for a second wave of the pandemic after rethinking how they do business (46%), serve customers (50%) and collaborate and communicate (45%)
- 87% feel more prepared for the future in general, with 79% considering themselves more tech savvy than ever
- One in five businesses (21%) believe they have resumed normal operations, though more than half (53%) predict it will take six months to a year and another 23% believe it will take more than a year to return to normal
Despite using the pandemic as an opportunity to learn new ways to innovate, adapt and future-proof their businesses, 65% of SMB-owners identified themselves as stressed due to the impact of COVID-19 on their business with 68% admitting to losing at least one hour of sleep per night. In addition to these personal stressors affecting SMB owners, the survey also revealed that small and mid-size businesses are:
- Fast-tracking new technologies: Without the pandemic, nearly one-third of companies (31%) admitted they would have never implemented the technologies they did – with 23% projecting it would have taken them one to three years to realize such changes. In turn, many businesses are now more agile and advanced than ever before, providing them greater opportunity for more efficient and streamlined operations.
- Teaching themselves how to adapt: When asked about the resources they relied on to adapt to the “new normal,” 43% of SMB owners turned to no one, 29% depended on business partners and 22% relied upon industry peers. Though many technology companies introduced free solutions and offerings for small businesses, 82% did not take advantage of such opportunities. While these SMB owners are being inventive, they are not taking full advantage of the available resources, experts and services that can help them navigate the current environment, rethink their strategies, and eliminate unnecessary expenses.
Learn more about how businesses are coping with COVID-19 below:
Over the past six months, small and mid-size businesses have shown a willingness and ability to be agile enough to not just bounce back. Comcast Business is committed to being a partner and resource to these businesses as they continue to bounce forward from the pandemic.