How are SMBs that have managed to survive the first few months of the COVID-19 crisis faring today? Check out SMB Group’s new eBook to find out!
SMB Group fielded our new SMB Group Survey, SMBs: Navigating a Path Forward, in July to help answer this question. Sponsored by Dell Technologies, Mitel, Sage Intacct, Workday, and Xero, the study gauges the sentiments, outlook, and actions that SMBs are taking to sustain their businesses amidst continuing uncertainty. We surveyed more than 750 decision-makers and influencers North American SMBs (1 to 1,000 employees) and midmarket organizations (1,000 to 2,500 employees) for this study.
This new survey study builds on our March study, Impact of COVID-19 on Small and Medium Businesses, which assessed the immediate impact of COVID-19 among these businesses.
In our new eBook, SMBs: Navigating a Path Forward—How Will SMBs Get to the Next Normal? we share updated findings of the ongoing business, workforce, and technology implications of COVID-19 for SMBs, and how they are reshaping their businesses for the next normal.
Some of the key findings discussed in the eBook include:
- COVID-19 continues to take a toll on most SMBs. 78% of SMBs said COVID-19 has negatively impacted their businesses. However, 22% reported that COVID-19 has not negatively affected their businesses.
- SMBs are feeling more optimistic about the future. One-third of respondents are forecasting revenues to increase in the next six months, while only 23% are expecting revenues to fall. However, only 11% put themselves in the “endangered” group, which is characterized by the sentiment that they are trying to hang on but don’t believe they’ll be in business much longer.
- The impact varies significantly by business size and industry. Smaller businesses have borne the brunt of the negative fallout. And sectors that rely heavily on in-person, physical locations have been especially hard hit.
- Overall, SMBs cite dealing with uncertainty and changing market conditions as their top business challenge. This is followed by concerns about adapting to operate under social distancing and safety requirements, and being able to sustain revenues.
- 74% of SMBs plan to maintain or accelerate technology investments. Investment priorities start with customer-facing areas, such as sales and marketing, website and e-commerce, and customer service, followed by solutions to support employees, including remote IT support, HR and talent management, and cloud collaboration tools.
- Cloud solutions have been a lifesaver. In every category we asked about, 83% or more of respondents said cloud applications have been extremely/moderately valuable in helping them to weather the COVID-19 crisis. And, 37% said that COVID-19 has made them more likely to select a cloud solution for new application investments
This is just a small sample of the findings from the study that we detail in the eBook. Click here for your copy.
SMB Group can also provide technology vendors with complete research results, advisory, and content services to help you drive successful strategies to engage with SMBs during these uncertain times. If you’d like to learn more about these services, and how we can help support your path forward, please contact Lisa Lincoln, Director of Client Services at firstname.lastname@example.org.
© SMB Group 2020