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.
BOSTON (PRWEB) August 27, 2020
How are SMBs that have managed to survive the first few months faring today?
Our new, free eBook, SMBs: Navigating a Path Forward (https://bit.ly/2YxVeyK) --How Will SMBs Get to the Next Normal? Is available now to help answer this question. In the eBook, we share key highlights from our new SMB Group Survey, SMBs: Navigating a Path Forward, sponsored by Dell Technologies, Mitel, Sage Intacct, Workday and Xero.
Fielded in July, this new study gauges the sentiments, outlook and actions that SMBs are taking to sustain their businesses amid the continuing uncertainty. We surveyed decision-makers and influencers in more than 750 North American SMBs (1 to 1,000 employees) and midmarket organizations (1,000 to 2,500 employees).
Some of the survey highlights 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. Significantly, only 11% characterized themselves in the “endangered” group, expressing the sentiment that they are trying to hang on but don’t believe they’ll be in business much longer.
- Impact varies significantly by business size and industry. Smaller businesses have borne the brunt of the negative fallout. And sectors that rely on 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 adapting their businesses to operate under social distancing and safety requirements, and sustaining 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 ecommerce, 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
For More Information
This is just a small sample of the study’s findings. You can find details in our free eBook, including insights into:
- Business impact of COVID-19 on SMBs
- Workforce impact of COVID-19 on SMBs
- Work from home trends
- Technology impact of COVID-19 on SMBs
SMB Group is also offering a comprehensive survey report that provides detailed information about all 42 survey questions, with business size, industry and attitudinal segmentation. This report is designed for vendors that need and in-depth understanding of the business, workforce and technology implications of COVID-19 on SMBs. Please contact Lisa Lincoln, Director, Client Services and Business Development, at firstname.lastname@example.org for the table of contents and pricing information.
About SMB Group
SMB Group (http://www.smb-gr.com) is an industry research, analysis and consulting firm focused on technology adoption and trends in the small and medium business markets. Founded in 2009, SMB Group is recognized for thought leadership, research and expertise in the highly fragmented “SMB market”—which is composed of many smaller, more discrete markets.
SMB Group offers research, consulting, and content development services to help clients to:
- Identify market trends and opportunities
- Understand and segment the SMB market
- Evaluate and act upon market opportunities, competitive threats and disruptive trends
- Educate customers and prospects
- Position solutions for growth and competitive advantage
© SMB Group, 2020