COVID-19, also known as the novel coronavirus, is having a devastating effect on small and medium businesses (SMBs)—the engine of the U.S. economy and those around the world.
But how deep and broad is the impact? SMB Group is providing answers to this question in our new, free eBook, sponsored by our partners, Acumatica, Sage Intacct, Workday and Smart Hustle. The free eBook documents insights from our survey of more than 500 SMB (1- to 1,000-employee businesses) and midmarket (1,000- to 2,500-employee businesses) decision-makers and influencers.
Just a few compelling facts included in the eBook reveal that:
- 75% of all SMBs report that COVID-19 is negatively impacting their businesses.
- Almost 2/3 of SMBs believe revenues will drop by 30% or more over the next six months.
- Businesses with fewer than 20 employees are most likely to experience an extremely negative impact. 38% of businesses in this size band say that COVID-19 is having an extremely negative impact on their businesses.
- More than half of SMBs have already have or are planning to layoff salaried employees, and/or reduce their hours.
- 51% of SMBs are expanding online sales channels to try and compensate for the loss of traditional sales channels.
- SMBs are looking to preserve precious capital and cash flow by slashing spending on non-employee goods and services by an average of 37%.
- 71% of SMBs have already moved activities from the physical world to the virtual one, and 72% of SMBs have postponed and 76% have entirely canceled events, appointments and meetings in the wake of the pandemic.
This is just a small sample of the findings from the study that we detail in the eBook. Click here for your free copy. We sincerely hope that this information will provide a clear picture of the impact of coronavirus on SMB companies and their employees, and help inform businesses and government agencies about the true impact of COVID-19 on SMBs so they can help them during the crisis and once it subsides. Please let us know if you have any questions. Stay well and stay strong!
© SMB Group 2020