Times continue to be volatile and uncertain. While many states are back open for business, many politicians across the country continue to drag their feet. Without our businesses opening back up, there is little hope of reviving an economy that was humming right along at breakneck speed before everything came to an abrupt halt. In recently released research sponsored by the Small Business Roundtable and Facebook, a new pulse has been uncovered with regard to what small businesses is currently looking like. The following is taken directly from their report:
- Facebook conducted a survey, in partnership with Small Business Roundtable, of approximately 86,000 people who owned, managed or worked for a small and medium-sized business (“SMB”), including approximately 9,000 operators of “personal” businesses, i.e. people who reported that they were “self-employed providing goods or services” or that they “produce goods sold for personal income” but did not otherwise self-identify as an “owner” or “manager” of a business.
- 31% of owners and managers reported that their SMB is not currently operating. Among personal businesses, that number rises to 52%, of which the majority(55%) were led by women.
- 28% of SMBs said the biggest challenge they would face over the next few months was cash flow. 20% said their biggest challenge would be lack of demand.
- 51% of businesses report increasing online interactions with their clients. 36% of personal businesses that use online tools report that they are conducting all their sales online. 35% of businesses that have changed operations have expanded the use of digital payments.
- Nearly half (47%) of SMB owners and managers report feeling burned out trying to take care of business and household responsibilities at the same time. 62% of respondents report spending between one and four hours a day on domestic or household care activities. More women owner-managers (33%) reported that household responsibilities were affecting their ability to focus on work “a great deal” or “a lot” than men (25%).
- Only 45% of owners and managers of SMBs reported that they would rehire the same workers when their businesses reopened. The same was true for 32% of personal businesses.
- 57% of SMBs report that they are optimistic or extremely optimistic about the future of their businesses.
-Written by Kevin Sawyer