We continue sharing PHAZIS survey results highlighting the challenges and growth opportunities for Small Businesses during the global health pandemic. Survey responses represent the views of US Small Business owners that survived the first wave of closures and were open for business in September 2020.
Survey Highlight: Nearly 70% of Small Businesses plan to reinvest for a recovery.
It has been a devastating 10 months for Small Business, with an estimated 25% permanently closed as of September 2020 according to the World Economic Forum, and many others still struggling to survive. The bad news is all around us, but the mainstream media doesn’t report on the silver linings: recent highlights from PHAZIS’s Small Business Survey survey show that among the businesses that remained open in September, nearly 40% of have found opportunities to grow during the pandemic, and over 60% have maintained or extended their business hours.
69.2% of Small Businesses plan to reinvest for recovery
When it comes to planning for a recovery, Small Business owners once again provide reason for optimism:
- While 7.7% of survey respondents do not plan to invest in their business, and
- 23.1% will take a wait and see approach,
- 69.2% of Small Business owners will “for sure” invest in their business to prepare for a recovery.
One thing is clear: the entrepreneurial spirit cannot be extinguished! Despite the challenges, the majority of America’s Small Business owners are undeterred in planing for their next phase of growth. And that’s good news for everyone as the majority of all new job opportunities in America are created by Small Businesses. In other words, Small Business will lead the recovery!
When we speak with entrepreneurs about how they plan to use funding to grow their business, we hear a wide range of responses. Preparing for growth can mean investing in fresh inventory or new equipment, physical expansions, new marketing programs and online distribution models, to name a few.
How is YOUR business positioning itself to adapt and grow in 2021? Will it be business as usual or will you be reinventing your business strategy? How much financing will you need when the time comes to put your plans into action? These are the types of questions that help us understand the needs of our clients and provide them with tailored solutions that make sense for their business. Drop us a line today or join the discussion on our LinkedIn page to share your views on how your business will position itself for growth in the future!
Other highlights from PHAZIS’s Small Business survey:
With so many businesses struggling (and closing), it’s great to see bright glimmers of hope. The entrepreneurial spirit is strong! America’s Small Businesses will lead the economic recovery. Read our full survey results (PDF) and drop us a line if you have any questions or want to discuss how we can help finance your plans to emerge from 2020 bigger and better than ever before.
Here’s to New Ideas and Big Plans!
PHAZIS is proud to support Small Businesses with Big Plans for the future! Call us or apply online to speak with one of our Business Growth Advisors about how we can get you the funding you need within 2-3 business days – so you can get back to growing your business!
Thank you to all the Small Business owners who participated in the survey. Percentage figures have been rounded to the nearest 0.1%.