Verizon Business Survey Finds 55% of Small Businesses Concerned About Survival Amid Social Distancing Regulations

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8 in 10 Believe the Outcome of the 2020 Presidential Election Will Affect Small Businesses in the U.S. Overall, Regardless of Owners’ Party Affiliations

Nearly 2 in 3 Feel Their Businesses’ Financial Security Has Been Negatively Impacted

72% Show Optimism They Will Be Able to Stay Open at Least Six Months or More

Verizon Business today released findings from its “Small Business Recovery Survey,” which reveals the impact small business owners and decision makers feel COVID-19 has had on their businesses. The survey, conducted by Morning Consult, focused on 600 small and medium businesses that are currently open or plan to reopen. This is a follow-up to a Verizon Business Small Business Survey conducted in April 2020.

Further Key Findings Include:

— 55% of small businesses surveyed have concerns about staying afloat financially with social distancing regulations that limit business capacity.

— 55% of small businesses have concerns about delivering services efficiently amid social distancing regulations.

— 72% of small businesses show optimism that they will be able to stay open at least six months or more.

— 67% of small businesses feel their businesses’ financial security has been negatively impacted.

In making the announcement, TJ Fox, President of Verizon Business Markets, stated, “It’s crucial for us to understand the obstacles our small business customers are facing and determine how we can overcome these challenges together. One of the key voids we are helping our customers fill is an overall investment in their digital transformation. Technologies that enable remote work and collaboration and that provide mobile security and streamline workflow are integral to the success of small businesses in this new reality.”

Additional Findings:

As businesses continue to grapple with the impact of COVID-19, these responses highlight how small businesses are operating in an environment that relies heavier on remote collaboration and touchless experiences.

Small businesses view the 2020 election as critical to their financial survival, regardless of owners’ party affiliations.

Small businesses are feeling more confident in their business’ financial wellbeing, but are concerned about the overall state of the economy.

— 67% of small businesses reported declining sales, representing moderate improvement, versus 78% in April.

— 91% believe that the pandemic has negatively impacted nationwide small businesses.

— 92% have concern over the effect on all small businesses within the U.S., compared to a high of 96% in April.

— 86% are concerned about the pandemic’s effect on the overall U.S. economy.

Small businesses are investing in collaboration tools and technologies that enable remote work.

Remote work has brought both additional opportunities and challenges for small business owners and employees.

— 62% of small businesses with remote staff say remote work has allowed employees to balance work and personal responsibilities more effectively.

— 59% of small businesses with remote staff say remote work has made it more difficult for employees to feel connected to one another.

— 56% of small businesses with remote staff say remote work has blurred lines between work and personal life.

Verizon Business’ small business COVID-relief programs include the Comeback Coach Program, Verizon’s small business resource hub that brings together valuable tools, services and advice, a free Small Business Webinar Series, and the Women in Business Mentorship Program, led by Verizon Business CEO Tami Erwin. Earlier this year, Verizon launched Pay It Forward Live, a weekly live streamed entertainment series to support the small businesses most affected and the Verizon Foundation pledged up to $7.5 million in funding to small businesses nationwide across three rounds of grants through the Local Initiatives Support Corporation (LISC).

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is celebrating its 20th year as one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $131.9 billion in 2019. The company offers voice, data and video services and solutions on its award winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

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Media contact:

Claudia Russo

[email protected]



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