Infographic: The Impact of COVID-19 on Established Small Businesses - April 2020
December 19, 2022
In early April 2020, SCORE surveyed business owners who have been in operation at least a year on how they think the coronavirus could affect their business, and this infographic highlights the findings.
Data from a SCORE survey conducted from April 3-16, 2020. 492 business owners responded with 363 respondents who had been in business for one year or more.
- 44% of those surveyed are solopreneurs.
- 33% have 2 to 5 employees
- 11% have 6 to 10 employees
- 6% have 11 to 20 employees
- 3% have 21 to 50 employees
- 3% have over 50 employees
The respondents owned businesses in the industries below:
- Professional & Business Services: 16.9%
- Retail & Wholesale Trade: 16.6%
- Personal Services: 10.1%
- Restaurants & Food Services: 7.6%
- Arts, Entertainment & Recreation: 6.7%
- Health Care & Social Assistance: 6.5%
- Education/Day Care: 4.8%
- Construction: 4.5%
- Real estate, Rental & Leasing: 4.2%
- Home Maintenance Services: 3.9%
- Manufacturing & Industrial: 3.7%
- Transportation & Warehousing: 3.4%
- Nonprofits: 2.8%
- Technical & Scientific Services: 2.5%
- Banking, Finance & Insurance: 2.2%
- Travel: 1.7%
- Hotels & Accommodations: 1.1%
- Agriculture, Farming, Fishing & Hunting: 0.8%
Most owners of established businesses see lower revenues continuing over the next year.
How has your attitude changed about continuing your business over the past month?
- Still waiting to see what happens: 41.3%
- No Change: 21.4%
- Scaled down my plans: 19.9%
- Scaled up my plans: 15%
- I have abandoned my plans: 2.3%
Since March 2020, 47% of small business owners have let go of employees in some capacity, but 36% hope to hire in a year:
- 8% of established small business owners have fired employees.
- 39% of established small business owners have furloughed or temporarily laid off employees.
- 35% of established small business owners have reduced employee hours or pay.
- 32% of established small business owners have made no change with respect to employees.
- 3% of established small business owners have hired new employees.
32% of established small businesses have received outside financial relief.
- Delays for existing loan payments: 20.0%
- Improved payment terms from vendors: 7.1%
- Expanded lines of credit: 4.4%
- Crowdfunding or other community requests: 2.9%
- New loans: 2.9%
Download the infographic to see the full results.
While you may be facing uncertainty, there is one thing you can be certain of: SCORE is here for you. Work with a SCORE mentor and visit our Coronavirus Small Business Resource Hub.
Infographic designed by Easel.ly.
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