As the instability of these times continues, it seems that American small businesses continue to stay resilient by successfully adapting to the ever changing business landscape. Some recent research done by QuickBooks, demonstrates that resiliency quite clearly across many different industries and professions. The following is taken directly from the published research showing how innovative American small businesses continue to be regardless of the business climate.
- Qualtrics distributed two online questionnaires to 1,600 people for QuickBooks in August 2020. 965 current small business owners completed one questionnaire. 635 people who intend to start a small business in the next 12 months completed the other. The questionnaires were substantially different, but each cohort answered a set of nine similar questions to allow comparisons between responses.
- 23% of small businesses starting in the 12 months will have 100% remote workforces.
- 28% of small businesses are selling more products and services online this year. 94% say the coronavirus has influenced this change.
- 86% of small businesses that have developed new products and services this year have done so as a result of the
- 45% of small businesses surveyed applied for a government-backed relief program this year 61% were successful in obtaining funds.
- 28% of people who want to start a business in the next 12 months say the coronavirus has accelerated their plans.
- 87% of small businesses that will open in the next 12 months will be online primarily or a combination of online and offline.
- The fastest-growing industries for small businesses over the next 12 months will be accommodation and food services, arts and recreation, and retail.
- 72% of prospective business owners are optimistic about the prospects for small businesses over the next 12 months— that’s compared to 42% of people who currently own a small business.
- New business owners wanting to start ventures in the next 12 months intend to hire seven contractors and 10 employees, on average, within their first 12 months.
- More than 1 in 10 prospective business owners do not intend to write a business plan, yet 69% of people who own a small business recommend it.
- According to small business owners, the first thing new businesses should get help with is setting up financial systems correctly.
- The top three financial processes small business owners wish they’d invested in sooner are expense tracking, inventory, and invoicing.
-Written by Kevin Sawyer