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A recent survey by Comcast Business found that while nearly 600 small- to mid-sized business owners learned how to better manage their businesses during the coronavirus pandemic, 86% of respondents still experienced a decline in business revenue.

Nearly 80% of small- and mid-sized business (SMB) owners now say they have prepared for a second wave of COVID-19, according to a recent Comcast Business press statement that identifies what’s keeping SMB owners up at night during the pandemic and how they’ve managed the pandemic thus far.

“In a COVID-19 world, resilient small and medium businesses are embracing technology like never before, rapidly implementing key solutions to digitize the customer journey in an effort to improve sales in a difficult customer acquisition environment,” said Shari Lavin, research director, Small and Medium Business, IDC. “While the solutions they need vary by business, reliable connectivity and the ability to collaborate underpin any key digital initiative.”

Roughly 65% of such business owners identified themselves as stressed due to the impact of COVID-19 on their business, while 3% more admitted losing at least one hour of sleep per night.

The survey also showed that small and mid-sized businesses are:

• Fast-tracking new technologies: Without the pandemic, nearly one-third of companies (31%) admitted they would have never implemented the technologies they did – with 23% projecting it would have taken them one to three years to realize such changes.

• Teaching themselves how to adapt: When asked about the resources they relied on to adapt to the “new normal,” 43% of SMB owners turned to no one, 29% depended on business partners and 22% relied upon industry peers; and that,
• One in five businesses (21%) believe they have resumed normal operations while more than half (53%) predict it will take six months to a year and another 23% believe it will take more than a year to return to normal.

“Over the past six months, small and mid-size businesses have shown tremendous resolve and agility. This survey offers encouraging insights into the current mindset of SMB owners as they adapt their businesses for the future and prepare for the potential of a second spike in COVID-19 activity,” said Eileen Diskin, Comcast Business’s chief marketing officer. “The resiliency of SMB owners cannot be overstated. Comcast Business is committed to being a partner and resource to these businesses as they bounce forward from the pandemic.”

WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

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