More than half of small businesses believe they will be able to reopen soon. 53% of small business owners think reopening takes place within a month after lockdown restrictions get lifted. A quarter of small business also estimate they will be back to pre-pandemic revenue and employment levels in a month’s time.
Alignable.com revealed these statistics recently. The company created a small business network designed to help businesses build relationship and generate referrals. Its State of Small Business Report is based on 360,000 responses from people in small businesses in the Alignable.com network. The report is centered on several recent surveys that analyse the thoughts of small business owners in the current situation.
Small Business Reopening After Pandemic
Another key takeaway is 36% of small businesses believe they will be to pre-COVID-19 levels of revenue and employment within three months. 38% of the small business owners surveyed expressed concern about customers returning to their business. 36% expressed apprehension about shutting down again if another major outbreak occurs. 19% of the participants say a vaccine for the virus can result in a full recovery.
The outbreak and spread of the COVID-19 pandemic has caused unprecedented disruption to small businesses across the US. Naturally, this difficult, unchartered environment is causing significant anguish to small business owners.
Relief Programs to Provide Support to Small Business
It is vital that small businesses know the relief programs available to provide support throughout the crisis. It is also important that small businesses understand what is needed for recover from other small business owner’s perspectives.
The aim of Alignable.com’s State of Small Business Report conveys the situation small businesses currently face. The report focuses on the enthusiasm among the small business community to reopen. However, it also underlines the concerns and reservations small businesses have about reopening.
One of the primary concerns is over consumer response and how states will respond to further cases. Many worry about the likelihood of state officials needing to close them back down again. Small business also have concerns about customers’ fears of returning to their places of business.
Small Business Returning to Pre-Pandemic Levels
A quarter of business owners believe they can recover to pre-pandemic levels of productivity and employment within a month. 36% believe such progress will be made within three months and 29% say within a year. 10% of small business owners are of the opinion it will take a year (if ever) to return to pre-COVID-19 levels.
The report underlines the importance of consumer confidence in helping small businesses make a full recovery, stating:
“Much is this [recovery] is predicated on consumers having the confidence and motivation to shift their consumer spending from the online service providers back to purchasing within their communities. This confidence will require a significant concerted effort by business owners, local government, and consumers working together.”
Well-Coordinated Community Level Response
The small business owners surveyed for the report recognise recovery will be driven by a well-coordinated community level response. The research asked the business owners about the different community and government resources they will need to aid recovery effort.
The Natural Disaster Recovery Frameworks from FEMA was cited as an important resource in regards t the speed and success of recovery efforts. The global availability of vaccine is recognized as the ultimate milestone for long-term recovery. However, to get through the Pre-Vaccine Stabilization Period, local businesses will need financial assistance.
Pulling Together as a Community
To nurture a speedy and successful recovery, it is important that businesses owners recognize the importance of community. The report showed how business owners and local government officials are coming together as a community to start working towards recovery.
54% of small businesses said they felt their communities were already working together. As the Alignable.com report emphasizes, small businesses should identify and engage with well-organized communities to establish ideas and steps to generate successful and rapid recovery.