COVID-19 has disrupted any notion of enterprise as standard. To perceive the quick impression on small and medium-sized companies, SMB Group fielded its first survey examine on this matter in March: Impact of COVID-19 on Small and Medium Businesses.
Our new follow-up survey examine, SMBs: Navigating a Path Forward, explores how SMBs are adapting to the shifting realities of the following regular to get their companies again on monitor. In this examine, we’ve surveyed decision-makers and influencers in additional than 750 SMB (1-1,000 worker) and midmarket (1,000-2,500 worker) companies. The survey was fielded from mid-June to early July 2020, which is essential to bear in mind, as a result of the trajectory and impression of the virus is consistently altering.
We wish to sincerely thank these of you who took the survey for doing so. We’re additionally grateful to our sponsor companions, Dell Technologies, Mitel, Sage Intacct, Workday and Xero for his or her help.
We are growing an eBook with key findings and views from the examine. If you’d like a free copy when it’s out there, please click on right here and we’ll ship you one.
First Look Findings
In the meantime, we needed to share a number of preliminary outcomes with you under.
The destructive fallout from COVID-19 for many SMBs and midmarket firms continues. According to the survey:
- 78% of SMBs say COVID-19 has negatively impacted their companies—up barely from our March survey, wherein 75% indicated the virus had negatively impacted their companies.
- Overall, smaller companies have suffered greater than bigger ones.
- 69% or extra of respondents in all industries report destructive impression, however severity varies drastically by trade. Businesses within the hospitality, schooling, and retail industries are most definitely to report extraordinarily destructive impression, whereas these in building, utilities, and monetary industries are least doubtless to take action.
- 38% of companies briefly closed and have since reopened, whereas 18% of companies have closed and have but to reopen.
Despite these setbacks and challenges, most SMBs and midmarket firms which have survived thus far consider that they may be capable to maintain their companies afloat.
Many are taking steps to vary their enterprise practices and enterprise fashions to maintain their companies:
- The high three modifications companies have already made are to switch “in-person” conferences and occasions with video conferencing; modified format of bodily areas, and tied for quantity three are: elevated use of digital advertising channels, created digital service choices, and elevated use of digital gross sales channels.
- The high actions companies are planning to take are to extend using digital gross sales channels, develop new services and products, and implement state of affairs planning.
Cloud options proceed to show their worth in serving to companies to climate this storm:
- In each class, 83% or extra of respondents stated cloud functions have been extraordinarily or reasonably helpful in serving to to climate the COVID-19 disaster.
- 37%…
