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SMALL BIZ & COVID : Wiles Magazine

SMALL BIZ & COVID

Survey Results Demonstrate Small Business Resiliency:

How 100+ Independent Business Owners Responded to the Pandemic

PostcardMania surveyed 126 small business owners to gauge the community’s response to the COVID-19 crisis. Those 126 respondens demonstrate a highly resilient business economy that met the challenge of COVID-19 head on, highlighting the adaptability of American small business owners and their dedication to ensuring their business’s survival.

The data pool consists of a diverse group of business owners. Dentists, general contractors, personal trainers, real estate investors, educators, retailers — the list goes on. Almost every major niche within the SMB community was represented.

The short, 7-question survey covered a number of coronavirus business topics, including pivoting business strategies to survive, marketing during a worldwide pandemic, the success of PPP applications/funding, bringing remote personnel back to work and more.

Results from the survey indicate the pandemic affected virtually every business in some way, with 58% of respondents reporting they pivoted to continue operations.

As the country reopens, businesses must decide where to spend their money and how to get customers back. So, who is spending money on marketing? A little over half (52%) of respondents claimed they continued or increased their marketing efforts during the pandemic, an indicator that American small business owners continue to invest in the long-term longevity of their business, despite revenue losses.

The survey also touched on PPP funding, showing why there’s still $310 billion still up for grabs, as allocated by the CARES Act extension. A small percentage of respondents applied and haven’t heard back (9%) or didn’t receive any funds at all (12%), while the vast majority either received funds (40.5%) or have not applied at all(39%).

The ripple effects of COVID-19 on small business revenues is apparent. The exact amounts are fairly dispersed, but 58% of small businesses expect a 5% decrease or more in revenue, with 25% of respondents expecting to end the year with revenues down by 25% or more.

Yet the survey revealed that not all seemed bleak for small business.

Despite the majority of small businesses expecting down revenues, a staggering 62% of respondents anticipate zero layoffs. That is, they expect to maintain staff numbers equivalent to where they started the year before the pandemic struck.

These responses came as no surprise to PostcardMania founder and CEO, Joy Gendusa, who quietly boasts a client list of 92,298 small business clients. Said Gendusa, “I was optimistic about how small business owners would respond, and they didn’t let me down. This resilient community is the backbone of the American economy for a reason, and it’s no surprise to me that they’re fighting for not only their livelihoods but the livelihoods of the staff who depend on them.”

PostcardMania’s survey also touched on an emerging issue among small business — bringing remote employees back to the office. While under 20% of respondents are taking a more flexible approach to bringing staff back, almost 40% of respondents indicated that staff are coming back or have already.

You can find all this information and a more in-depth analysis of the survey results here.

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