Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.
Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 Small Business PaymentsInsights: Business Operations – In the Midst of a Pandemic
How COVID-19 Impacted Small Businesses:
- 67% of over 2,000 surveyed small businesses experienced a year-over-year increase in revenue in the past 12 months.
- 22% of businesses moved some or all of their staff to remote work in the past 12 months.
- 19% of businesses saw no change in the past 12 months.
- 18% of businesses had to hire staff in the past 12 months and now have more workers than prior to the pandemic.
- 17% of businesses were forced to lay off staff in the past 12 months.
- 14% of businesses had to close at least one location in the past 12 months.
Mercator Advisory Group’s most recent Small Business survey report, 2021 Small Business PaymentsInsights: Business Operations – In the Midst of a Pandemic, from its annual Small Business PaymentsInsights series, examines all aspects of the small business experience, including the management of business operations, tapping into critical resources as channels of support, and building relationships with financial institutions.
The report is based on an online small business survey administered between June 9th and July 16, 2021, across 2,007 U.S. Small Businesses with 2020 annual revenue between $100K and $10 million. The report also provides insight into how small businesses bank and pay for goods and services, their banking relationships, view of technology, and their top business concerns.
“Although small businesses have been hit hard by the pandemic, they continue to demonstrate resilience in the face of what at times seems to be impossible odds. Concerns about cash flow continue to exist. Many, who lack personal financing to help run their businesses, take advantage of small business loan programs and other credit options to survive yet keep an optimistic outlook as they align their business operations with their support team of banks and financial advisors.”- Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.