Hardship abounds – but small businesses have key support systems and mindsets that are proving to be resilient.
71% of small business owners report revenue has decreased since pandemic-related changes began in their community, and 28% report their revenue is down 50% or more. Not surprisingly, these changes have led to reduced employee hours and lay-offs. One-third of those with employees have reduced employee hours and 15% have laid off employees.
1-in-10 indicate they have gone out of business for good. However, among this upheaval, many small business owners are finding ways to make the best of impossible circumstances through their entrepreneurial spirit and strong relationships with their communities.
This survey was conducted online within the United States by The Harris Poll from March 23-24, 2020 among 310 U.S. small business owners ages 18 and older. Small business owners are defined as owners/co-owners or franchisee/franchise owners of a company in the U.S. with fewer than 100 employees. Results align with the population of small businesses on company size. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.