A majority of small business owners say despite the winner of the November presidential elections they will be impacted in any event. A whopping 81% say the election will impact businesses while 57% say it will impact their own business’ financial security. This is irrespective of which way owners are planning to vote.
Verizon Small Business Election Survey
The Verizon Business Small Business Survey canvased perceptions of 600 small and medium businesses that are currently open or plan to reopen. In it, some 84% of small businesses believe that whatever the outcome of the election will affect the economy as a whole.
These concerns range from financial viability, social distancing regulations and what the post-COVID-19 business climate will look like. A key challenge for businesses was relying heavily on remote collaboration and touchless experiences.
Much of the pain points businesses are feeling almost mirror of a similar survey in April with some marginal improvements. These include:
- 55% of businesses are concerned about staying afloat financially with social distancing regulations that limit business capacity.
- 67% of businesses report declining sales, showing a moderate improvement from April’s 78%.
- 92% are concerned over the effect on all businesses within the U.S., compared to a high of 96% in April.
- 72% of small businesses are optimistic that they will be able to stay open at least six months or more.
- 52% of small business decision-makers report concerns over their job security down from 56% in April
How are Businesses Pivoting?
The survey also indicates businesses are pivoting towards meeting the challenges COVID-19 poses. These include investing in technology, relying more on remote working and looking into new business opportunities.
So far over a third (36%) have said they have put in place new systems or technologies to allow for remote collaboration among their employees. Almost half (49%) say that remote work has boosted employee satisfaction and morale. While 76% report they are focusing on finding collaboration between teams as important facing the challenges head-on. They have also said that they have integrated digital tools to create new business opportunities.