For most small businesses, the decade began with optimism, but it would take only three weeks for that thinking to change as consumers began to shelter in place – and many governments mandated that policy. Amid this climate, nearly all small and medium-sized businesses (SMBs) have been forced to divert some optimism into a fight for survival. PYMNTS asked over 200 SMBs about their experience before and in the middle of the crisis. All this, Today in Data.
Data:
84%: Share of surveyed SMBs that have seen their revenues decline in just the last three weeks.
37%: Portion of SMBs that remain confident they will survive, keeping their doors open and their businesses afloat.
29.4%: Share of SMBs surveyed that said they closed their doors temporarily, either because they had no choice or due to lack of demand.
26%: Portion of surveyed SMBs that doubt they’ll survive the COVID-19 pandemic.
8%: Share of SMBs that report having three or more months of capital to draw on to keep their businesses afloat.
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