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09. Pain Points and Support
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%).
Published: May 11, 2020
86% of SMB leaders say their business has handled the challenges brought on by the pandemic well.
To what extent would you say your business is struggling or thriving during the pandemic?
61% Struggling somewhat
19% Struggling badly
15% Thriving somewhat
5% Thriving greatly
What would you say is the single most difficult area of dealing with the pandemic for your business?
Challenges and Support
Uncertainty is the most difficult area for SMB leaders, specifically, not knowing when “normal” will return. Finances are the second most challenging aspect, including lost sales, making payroll, and paying business expenses.
In light of these difficulties, 86% of SMB leaders say their business has handled the challenges brought on by the pandemic well. The support that SMB leaders feel from colleagues and community plays a big role: When it comes to the decisions they’ve had to make during the pandemic, 89% of SMB leaders feel supported by other members of the company, and 73% feel supported by their local community.
Methodology
TriNet is partnering with The Harris Poll to conduct an ongoing series of surveys with business leaders in companies of 5 to 249 employees. Business leaders are qualified as either owners/partners or C-level executives. Quotas are set by company size and industry for each wave.
We surveyed 194 SMBs in the latest wave of the research (April 30-May 3, 2020); actual distribution by company size and industry is as follows:
67 business leaders with 5-19 employees
99 business leaders with 20-99 employees
28 business leaders with 100-249 employees
51 business leaders in Main Street industries (such as automotive, construction, hospitality, manufacturing, real estate, retail, skilled trade, etc.)
143 business leaders in Technology, Financial Services, Professional Services, Life Science, Non-Profit, or other industries
This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
About The Harris Poll
The Harris Poll is one of the longest-running surveys in the U.S., tracking public opinion, motivations and social sentiment since 1963. It is now part of Harris Insights & Analytics, a global consulting and market research firm that strives to reveal the authentic values of modern society to inspire leaders to create a better tomorrow. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible.
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