Each year, the Guidant Financial and Small Business Trends Alliance (SBTA) surveys business owners about the life of a small business owner in America. This year, Guidant and SBTA surveyed more than 2,400 current and interested small business owners across the country to obtain relevant information about SMEs in a pandemic.
Each year, the Guidant Financial and Small Business Trends Alliance (SBTA) surveys business owners about the life of a small business owner in America. This year, Guidant and SBTA surveyed more than 2,400 current and interested small business owners across the country to obtain relevant information about SMEs in a pandemic.
In 2020, COVID-19 had a major impact on small businesses, an SBTA survey found that 23 percent of respondents lost business income, while 6 percent said the opposite was true. 11% of small business owners surveyed cut their budget, as well as 11% temporarily closed their businesses, while ten percent of business owners cut staff salaries.
One of the biggest impacts of COVID19 on small business was the 19% reduction in the number of profitable businesses in 2020 compared to 2019. თქმითSurveyors said only 63% of businesses were profitable in 2020, up from 78% the previous year. However, despite the decline in profitability, 78% of small business owners expect their business to survive a pandemic, while only 4% expect their business to fail.
Despite the pandemic, small business owners generally have positive visions for the future. When asked how confident they are in the functioning of their small business in the post-COVID period, 49% of small business owners answered that they are somewhat or very confident, compared to 34% who are somewhat or very unsure. 17 17% showed a neutral position towards the future. The highest rate - 30% - was for people who more or less believed in the post-covid period of their business development.
When it comes to financing, financing a small business can be challenging, especially for start-ups who are new to the field. They find it difficult to raise large sums of money for the development of their own venture. As it turned out, cash is the most popular form of financing. 39% of business owners use it to start a business. Rollovers for Business Startups (ROBS), also known as the 401 (k) business financing tool used by 20% of respondents to start their own business. * Helping friends and family is also a common way to start a business. Also do not miss the loans and credit offers for start-up entrepreneurs.
By becoming a member you will have access to exclusive offers and information
Become a member
