A question among many is, how are small businesses recovering from the pandemic?
There is no denying that the COVID crisis has greatly impacted every inch of our society. The pandemic has resulted in recession and drastic changes in the way people consume goods and services, and has left a lasting mark on the small business landscape.
And among consumers, many have experienced shifts in their financial situation within the last two years mostly due to the pandemic. Many consumers’ priorities have changed and focused on preparing for the future. To learn more about how small businesses are reacting to changes in consumer behavior and recovering from the pandemic we surveyed 740 US based small businesses.
The results show that small businesses, as we’ve always known, are tenacious and adaptable, even in the face of overwhelming uncertainty.
- 47% of businesses are in the process of identifying necessary changed to adapt to the new climate
- 36% of businesses are committed to taking their finances more seriously
- 37% of business are struggling with cash flow at this time
Our infographic uncovers the state of small businesses and their financials in 2021, and captures how they are preparing for the future.
Further reading: Is Your Network Helping or Hurting Your Business?