Time to move forward?

As the uncertainty of these times continues, it seems like a good time to take stock of where your company is and where it might be going over the next six months. Is it better to just try to survive until the end of this tunnel appears or is it better to plan and continue to move forward? In some recent research gathered up by Verizon, it seems that moving forward is a serious consideration but it is critical to know what the road may look like as you venture to do so. The following is taken directly from that recently published research:

  •  Verizon Business 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.
  • 55% of small businesses surveyed have concerns about staying afloat financially with social distancing regulations that limit business capacity.
  • 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.
  • 86% are concerned about the pandemic’s effect on the overall U.S. economy.

  • 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 more effectively.
  • 59% of small businesses with remote staff say remote work has made it more difficult for employees to feel connected to one another.
  • 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.

-Written by Kevin Sawyer