Verizon small business survey finds growing optimism; security remains a top concern
Return of Verizon Small Business Days: Small and medium businesses can access up to $1,000 in savings September 13-17th
Tech adoption buoys positive outlook despite ongoing labor shortage and rising security concerns
What you need to know:
Optimism among small businesses: 68% of 600 small and medium businesses surveyed predict their business will be better off in a year versus now. 53% say the overall state of their business is better than it was in August of 2020.
Security top concern: 50% cited endpoint vulnerabilities as a business risk. To compensate, 59% plan to require multi-factor logins to access systems within the next year, and 56% are training employees on best cybersecurity practices.
Using technology to address labor shortage: 30% of small businesses are now using technology to compensate for a shortage of workers.
Work flexibility is as important as health insurance: 74% said work flexibility can be as important as health insurance to attract and retain employees, regardless of physical location.
Investment in high-capacity internet: 52% of small businesses report purchasing/upgrading to high-capacity Internet since the onset of the pandemic, and reflective of this trend, Verizon announces 5G Business Internet availability in seven new cities as of tomorrow. Verizon Business also offers fixed-wireless LTE Business Internet.
Embracing technology: 63% of decision makers said they have implemented digital tools and technologies to enhance customer experiences and create new business opportunities, compared to just over half who were doing so this time last year (53%).
BASKING RIDGE, N.J. - Verizon Business today released findings from its third Small Business Recovery Survey, conducted by Morning Consult. With responses from 600 small and midsize businesses, the data shows that despite challenges such as labor and supply shortage constraints and heightened cybersecurity concerns, there is greater optimism among business owners, who are adopting technology to scale their businesses. To view the results, download the Verizon Small Business Survey.
“There is still a long road ahead for recovery but there is an overwhelming sense of optimism; that technology will enable the competitive edge our customers need to scale their business for the future,” said Sampath Sowmyanarayan, Chief Revenue Officer for Verizon Business. “As our customers enter their next phase of growth, technology that addresses security, reliable connectivity and enables mobility will be integral to their success.”
Special discounts and no activation fees for small and medium businesses
To celebrate National Small Business Week, Verizon Business is bringing back Small Business Days September 13-17th, where small and medium businesses can visit a participating store or book a virtual appointment at verizon.com/stores to access special discounts and jumpstart areas of their business including communications, connectivity, and security. Beyond advice and support, starting 9/13, small and medium business owners will be able to take advantage of limited time offers and get up to $1,000 off a new 5G phone with trade-in and new line. Additionally, there are no activation fees. Get more information on Verizon small business solutions.
5G Business Internet Expansion
52% of small businesses either purchased or upgraded Internet connections to enable high-capacity activities needed to conduct business. This trend is parallel with Verizon's rapid expansion of its 5G Business Internet offering, which becomes available in parts of seven more U.S. cities tomorrow: Louisville, KY; Charlotte, NC; Hartford, CT; Fremont, CA; Orlando, FL; Sarasota, FL; and Pensacola, FL. That brings the total number of cities with 5G Business Internet service availability to 54.
Powered by Verizon 5G Ultra Wideband, 5G Business Internet is a fixed-wireless broadband alternative to cable for businesses of all sizes. Verizon will continue to bring 5G Business Internet into new cities on an ongoing basis as it readies deployment of its recently acquired C-Band assets, which is expected to expand availability of the service in cities where it is offered. Verizon Business also offers fixed-wireless LTE Business Internet.
As part of Verizon's responsible business plan, Citizen Verizon, the company has made a multi-year commitment to bring one million small businesses forward by 2030 with resources to help them succeed in the digital economy. Earlier in 2021, Verizon committed $10 million to small business support through the nonprofit Local Initiatives Support Corporation (LISC), focusing on business owners in historically underserved communities. On September 13, 2021, Verizon will launch a customized online program for diverse small business owners, offering personalized content, coaching, community and more to succeed in today's digital economy. Learn more here.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video in and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.
“There is still a long road ahead for recovery but there is an overwhelming sense of optimism; that technology will enable the competitive edge our customers need to scale their business for the future...As our customers enter their next phase of growth, technology that addresses security, reliable connectivity and enables mobility will be integral to their success.”
Sampath Sowmyanarayan, Chief Revenue Officer for Verizon Business