Most business leaders in the US believe that the outcome of the 2020 presidential election will affect their businesses.
For its Small Business Recovery Survey, Verizon Business focuses on 600 small and medium businesses that are currently open or are planning to reopen. In addition to the impact of the 2020 presidential election, the study also delves into difficulties businesses are facing and the sentiment of entrepreneurs about their future prospects.
Impactful 2020 presidential election
Verizon Business finds that 81% of small business leaders believe that the outcome of the 2020 presidential election will impact small businesses in the US.
Most importantly, that belief stands regardless of party affiliations. Furthermore, 57% say that the results will impact the financial security of their own business.
Moreover, 84% of small businesses believe the outcome of the election will affect the economy as a whole.
Verizon Business also finds that there’s improvement in sentiment from business leaders, if only by just a little.
First, 67% of small businesses say sales are declining, down 78% from April’s study.
Second, 72% of small businesses believe that if conditions stay the same, they will continue to be open for at least half a year.
Third, 92% are concerned about the effects of the pandemic on all small businesses in the US. That’s an improvement from 96% in April.
Fourth, 52% of small business decision makers are concerned about their job security. That’s down from 56% in April.
That’s not to say that there’s overwhelming positivity among small and medium businesses. They are still feeling the crunch.
“It’s crucial for us to understand the obstacles our small business customers are facing and determine how we can overcome these challenges together,” says TJ Fox, president of Verizon Business Markets.
The study conducted by Morning Consult finds that 91% believe that the pandemic has hit small businesses all over the US. On the overall economy, 86% say they are concerned about the pandemic’s impact.
Fox says that a key area Verizon Business is helping customers on is an overall investment in 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,” Fox explains.
The survey reveals that 36% have implemented new systems or technologies to allow for more remote collaboration. Meanwhile, 76% say collaboration between teams is important in these challenging times.
Opportunities and challenges for small business
This transformation brings both opportunities and challenges for small business owners and employees, Verizon Business says.
The small business partner says 67% of those that are using new systems are encountering challenges. Some 59% also share that staff say remote work makes it more difficult to feel connected to one another. Furthermore, 59% say that team members say remote work has blurred the lines between work and personal life.
On the other hand, 62% say that staff believe remote work has allowed them to balance work and personal responsibilities more effectively. Moreover, 49% say that remote work has boosted employee satisfaction and morale.