We are now a few months into the constant anxiety, confusion and uncertainty. Everywhere one turns it seems that there are different opinions about what is really going on and how American businesses can navigate their way back to profitability and a sense of normality. In a recent survey, the National Federation of Independent Businesses made a bold attempt to see just how things are going out there for American companies. Below are their findings taken directly from their research:
- This survey was conducted with a random sample of NFIB’s membership database of about
300,000 small business owners. The survey was conducted by email on June 16-17, 2020.
- Economic conditions are still challenging for most but less so than a month ago. About 40% of
respondents reported that their current sales volume is 75% or more of pre-crisis levels, a
significant improvement from 28% reporting the same in NFIB’s May 18th survey. Ten percent
reported their current sales volume as 1% – 25% of pre-crisis levels, compared to 16% roughly
one month ago.
- Most states have started to ease business restrictions and stay at home orders and many small
business owners have experienced stronger sales as a result. Twenty-seven percent of
respondents reported experiencing a significant or moderate increase in sales due to eased
restrictions. Another 27% of respondents have experienced a slight increase. Sales levels did
not change for 42% of small business owners.
- The crisis has required significant change in business operations
for 23% of respondents and a moderate change in operations for 32% of owners. About 30% of
owners have had to modify their operations slightly and 16% of businesses have not changed
any business operations.
- How does your current sales volume compare to pre-crisis levels?
8% 1. More than 100% of pre-crisis level
32% 2. 76%-100% of pre-crisis level
28% 3. 51%-75% of pre-crisis level
20% 4. 26%-50% of pre-crisis level
10% 5. 1%-25%% of pre-crisis level
1% 6. My business is currently closed
- Have you experienced increased sales due to easing of state mandated business restrictions
and stay at home orders?
7% 1. Significant increase
20% 2. Moderate increase
27% 3. Slight increase
42% 4. No increase
5% 5. I don’t know
- Have you had to change your general business operations due to Covid-19?
23% 1. Significantly changed
32% 2. Moderately changed
30% 3. Slightly changed
16% 4. No change
-Written by Kevin Sawyer