On the Small Business Radio Show this week, Jessica Moser, the Senior Vice President, Small Business Solutions at MetLife discusses their decision to pivot the Small Business Quarterly Index to a monthly Small Business Coronavirus Impact Poll. They decided to move to a monthly pulse of how things were changing for small companies.
Interview with Jessica Moser of MetLife
According to the poll, in April and May, more than half of small businesses were forced to close. In June, there was an uptick where 80% of these companies were fully or partially open. In April, 60% were very concerned about their company but by June, 53% believed that their business was in good health and were cautiously optimistic about the future.
Jessica says the companies that are succeeding are adapting to their customers and employees’ needs. In the May poll, 17% had moved to a digital presence for those that had none before the pandemic. Restaurants have created meal kits and to go cocktails. Juice bars are selling fruit and vegetable boxes. 20% of small businesses had shifted to providing personal protective equipment (PPE) to their customers. 25% of them shortened hours and adjusted staffing strategies to survive.
While over 50% of small business owners according to the poll expect 2021 revenues to increase over 2020 and be able to bring back their employees, there is a concern that they need more guidelines on how to keep customer and employees safe during the pandemic.
Jessica explains that MetLife is helping small businesses by not increasing their rates for any company with less than 500 employees. They are offering financial wellness and a COVID specific to companies they insure even if they don’t have an Employee Assistance Program to help with holistic wellness.
Listen to the entire results on the Small Business Radio Show.