Verizon Business Survey finds 55% of small businesses concerned about survival

BASKING RIDGE, N.J.  Verizon Business today 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. This is a follow-up to a Verizon Business Small Business Survey conducted in April 2020.

Further key findings Include:

• Regardless of their party affiliation, small business decision makers view the outcome of the 2020 election as consequential: 81% say it will impact small businesses in the U.S., while 57% say it will impact their own business' financial security.
• 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.

In making the announcement, TJ Fox, President of Verizon Business Markets, stated:

Additional findings:

As businesses continue to grapple with the impact of COVID-19, these responses highlight how small businesses are operating in an environment that relies heavier on remote collaboration and touchless experiences.

Small businesses view the 2020 election as critical to their financial survival, regardless of owners’ party affiliations.

• 81% of small businesses believe the outcome will affect small businesses in the U.S. overall, regardless of their party affiliation, while 57% say it will impact their own business' financial security.
• 84% of small businesses believe the outcome will affect the economy as a whole.

Small businesses are feeling more confident in their business’ financial wellbeing, but are concerned about the overall state of the economy.

• 72% of small businesses believe that if conditions stay the same, they will be able to stay open at least 6 months or more.
• 67% of small businesses reported declining sales, representing moderate improvement, versus 78% in April.
• 91% believe that the pandemic has negatively impacted nationwide small businesses.
• 92% have concern over the effect on all small businesses within the U.S., compared to a high of 96% in April.
• 86% are concerned about the pandemic’s effect on the overall U.S. economy.
• 52% of small business decision makers report concern over their job security versus 56% in April.

Small businesses are investing in collaboration tools and technologies that enable remote work.

• 36% have implemented new systems or technologies to allow for remote collaboration.
• 76% of respondents find collaboration between teams important in this challenging time, as they integrate digital tools to create new business opportunities.

Remote work has brought both additional opportunities and challenges for small business owners and employees.

• 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

Verizon Business’ small business COVID-relief programs include the Comeback Coach Program, Verizon’s small business resource hub that brings together valuable tools, services and advice, a free Small Business Webinar Series, and the Women in Business Mentorship Program, led by Verizon Business CEO Tami Erwin. Earlier this year, Verizon launched Pay It Forward Live, a weekly live streamed entertainment series to support the small businesses most affected and the Verizon Foundation pledged up to $7.5 million in funding to small businesses nationwide across three rounds of grants through the Local Initiatives Support Corporation (LISC)

Download the Small Business Recovery Survey: Wave Two Results