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Polls, Surveys & Studies
Current State of Small Business
Many (69%) of small businesses that had temporarily closed due to COVID-19 have now reopened, according to the new Chamber of Commerce and MetLife study. However, small business owners are still cautious about the future; 65% are concerned they may have to close again—temporarily or permanently—if there is a second wave of COVID-19.
And even though most small businesses share these concerns, 31% aren’t prepared for a second wave of the coronavirus. For businesses that did not express concerns about a second wave, the number is even higher at 45%.
Jessica Moser, senior vice president, Small and Specialty Business at MetLife, says small businesses need to plan for future uncertainty. Moser shares four key steps you can take to prepare:
Purchase additional supplies or products to prevent a future shortage (32% of small businesses are already doing this)
Increase e-commerce or digital payment options (25% are doing this)
Revisit long-term staffing plans (18% are doing this)
Invest in accounting software (13% are doing this)