Boston small business owners expect strong post-coronavirus bounce back: Survey
As the region enters a dark winter amid the coronavirus pandemic, small business owners are remaining confident about a strong bounce back in the future.
That’s according to a recent Bank of America survey — which looked at how small business owners have been navigating the pandemic, along with their projections for 2021 and beyond.
Local entrepreneurs anticipate a strong post-pandemic environment that will support small businesses, according to the report.
The survey results revealed that after the pandemic, a majority of Boston small business owners believe: “Small businesses will return to being ‘the backbone of the U.S. economy’ (77% of Boston SBOs); Consumers will have a greater appreciation for small businesses (69%); SBOs will be better prepared to handle any potential future reemergence of coronavirus (62%).”
These figures are in line with the national average.
On the road to recovery, the Boston small business owners said that restored confidence in public health (77%), debt forgiveness (75%), increased consumer spending (74%), and government relief programs for small businesses (72%) will be most beneficial.
But for the next 12 months, local small business owners are significantly less confident in the economy.
“Revenue projections for the year ahead have hit an all-time low,” according to the survey. “Forty-one percent expect their revenue to increase, one-third anticipate it will stay the same and 29% say it will decrease.”
Hiring plans have also reached an all-time low, the findings show. Two-thirds plan to keep staffing levels the same, while 19% plan to hire.
In line with the national average, 83% of small businesses in Boston have remained open in some capacity amid the pandemic and shutdowns — either by adjusting operations (63%) or as an essential business (19%).
“During what have been unprecedented challenges for small businesses this year, I’ve been inspired by business owners throughout the country who have demonstrated a commitment to innovation while serving the needs of their local communities,” Sharon Miller, head of Small Business at Bank of America, said in a statement. “Every day, I hear from entrepreneurs who are retooling and adapting to create new opportunities for themselves and their employees.”
from Boston Herald https://ift.tt/39ADXve
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