While I have always been an avid reader, my business coaching practice has demanded that I do even more reading on a variety of subjects related to my clients and business in general.
I recently came across a Small Business Survey on Covid-19 Relief conducted by the National Small Business Association in mid-April.
NSBA conducted the survey of more than 980 small-business owners on how the virus is impacting their business.
Among the key takeaways from this survey were:
- Nearly all small businesses, 92 percent, said they were very concerned about the economic impact of COVID-19
- Eighty percent said they had experienced reduced customer demand, up from 49 percent just four weeks earlier
- Just five percent of respondents who applied for an EIDL loan had received any money so far, only 25 percent had received money under the PPP loan program
- Two-thirds of small-business owners were now anticipating a recession in the coming 12 months compared with just 14 percent in January
- Nearly half of small businesses were not confident in the future of their business
Think back to where you were about four months ago? For some of my clients, things have improved, although they’ve needed to make critical changes in their operations. It has not been easy for anyone, and even those who are now feeling more confident that they are on the right track, the path forward is not as clear as they would like.
Take a look at the survey:
One thing for sure – as you attempt to navigate in these uncertain times, having a good sounding board is critical. That’s why I continue to make myself available for what I hope will be an inciteful conversation for both of us, with no strings attached.