TriNet | Harris Flash Polls

Small- and medium-sized business (SMB) leaders are optimistically looking to the future by leveraging a recovery strategy that has their businesses bouncing back in a matter of months once operating at full capacity again. Dealing with the economic downturn and new social distancing requirements as a result of the pandemic rise to the top in terms of challenges, even more so than recovering from lost sales. Most SMB leaders (70%) have a recovery strategy in place, and two thirds (68%) expect their businesses will be able to bounce back in 6 months or less once they’re able to operate at full capacity again. About 1 in 5 (21%) expect to be able to recover in 12 months, and 11% expect recovery to take longer than that.

The fallout from the COVID-19 pandemic has hit small- and medium-sized businesses hard. Even more than finances, the uncertainty that SMB leaders face has been the most difficult challenge of all. Fortunately, in the face of this struggle and uncertainty, SMB leaders feel supported by both their colleagues and their local community. 3 in 4 SMB leaders (77%) agreed that “Dealing with the pandemic has been the most difficult challenge my business has faced.” While many SMBs are struggling, a nearly equal number say they are thriving (20%) versus struggling badly (19%).

While the majority of SMBs did have a formalized business continuity plan in place before the COVID-19 crisis hit, most of these plans did not specifically account for pandemics. Still, the majority of SMB leaders said their plan was effective in helping them handle the current situation.

Most small- and medium-sized businesses (SMBs) say the COVID-19 pandemic will change the way their business approaches HR in the future, especially when it comes to improving employee morale and health/ safety. With the pandemic revealing some aspects of their current HR capabilities as lacking, SMB leaders recognize the need for additional HR support as they move forward.

Most small- and medium-sized businesses (SMBs) have taken concrete actions to enhance employee wellbeing during the COVID-19 pandemic. The most common and effective of these actions has been allowing for the flexibility to balance the new work/home life conditions. All things considered, the majority of SMB employees remain optimistic in light of the pandemic.

92% of SMBs have made efforts to shift to a remote workforce as a result of the COVID-19 pandemic. While 75% of those say shifting to a remote workforce has been challenging, 65% wish they had moved to a remote model earlier.

Small and medium-sized businesses (SMBs) are working hard to adapt to the current situation. They’re making strategic operational choices, including cutting costs, in order to invest in the long term success of their business. Though a majority of SMBs continue to be hit with revenue losses since the start of the COVID-19 crisis, they are making intentional choices about cost cutting. Two thirds (66%) of those who cut costs in some way are confident these decisions will help them weather the pandemic.

In the face of the crisis, 3 in 5 (58%) of small- and medium-sized businesses (SMBs) are investing in the health of their workforce by adjusting healthcare benefits or offering guidance to employees. Provisions in the CARES Act allowed insurers and policy-holders to add benefits or reduce cost-sharing mid-year in light of COVID-19.

Confidence is slipping in both how long small businesses can survive the crisis and how much the federal government’s stimulus package may be able to help. Loans remain difficult to access, and confusion reigns.

Small businesses are feeling the economic impacts from the COVID-19 pandemic, with depressed revenue and workforce reductions. Many small businesses do not have the needed cash reserves to make it very long without outside help.