Balboa Survey: 88% of Small Businesses Impacted by COVID-19
APR 10, 2020 - 6:40 am
Balboa Capital announced the results of its latest survey that analyzes the current impact of the novel coronavirus outbreak on small businesses in the United States. The survey, which was sent to a sample of small business owners, revealed that 88% of small businesses are being impacted by the COVID-19 outbreak.
“The results of our survey indicate that economic disruptions and uncertainty are increasing in the small business sector,” said Kevin Umeda, manager of sales planning and coordination at Balboa Capital. “A sizable number of small businesses are experiencing the repercussions of the COVID-19 outbreak, particularly when it comes to sales revenues. Seventy-two percent of business owners expect their revenues to decline during the first half of 2020 and, as a result, 66% are putting their Q2 investment goals on hold. That said, there are some positive stories amid the COVID-19 outbreak. For starters, there has been a robust demand for certain goods, products, and services during these uncertain times, and small businesses that offer them are seeing increased sales. Next, small businesses in many industries are adapting quickly to government and state-mandated closures by setting up remote operations. By remaining open, even in a limited capacity, businesses can continue meeting the needs of their customers and generate much-needed revenue.”
Key takeaways from Balboa Capital’s COVID-19 small business owner survey:
88%of small businesses are being impacted.
72% of small business owners expect their revenues to decrease during the first six months of 2020, 16 percent expect their revenues to remain flat, and 12 percent expect their revenues to increase.
78% of small business owners have incurred additional out-of-pocket expenses.
66% of small business owners are not moving forward with their Q2 investment plans.
Six in 10 small business owners said their supply chain has been affected.
When asked what their most critical needs are, 74% of small business owners said access to capital, 16% said tax deadline extensions, 8% said employer tax credits, and 2% said mandatory paid sick leave for workers.
54% of small business owners said some (or all) of their employees are working from home, 38% said their companies remain open in a full capacity, and 8% said they temporarily closed their companies.
Increased cleaning of offices, work spaces and equipment tops the list of safety measures deployed by small business owners, followed by suspended travel, social distancing protocols in the workplace, and a switch from in-person to online meetings.
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