Risk & Resilience: Business Owners in the Wake of Pandemic
Risk & Resilience: Business Owners in the Wake of Pandemic
September 27, 2022
OVERVIEW
The last two years have taken a tremendous toll on small businesses and challenges persist for many entrepreneurs. The impact of COVID-19 pandemic highlighted the need for small businesses to be resilient in the face of future shocks.
Against this backdrop, we sought to better understand the outlook of small employers (with a spotlight on Hispanic small employers) to see how they are responding to current challenges and planning for future risks.
In collaboration with the United States Hispanic Chamber of Commerce (USHCC) and Nationwide, Reimagine Main Street fielded a national survey of small employers from June 9 - July 6, 2022.
What We Found
Small employers are optimistic about the future of their businesses in spite of negative effects of COVID 19 on their performance. Most report that business is stable or improving and almost half expect revenue growth in the next six months.
In spite of this optimism, small employers were hard hit by the pandemic and are still experiencing headwinds including soft demand, increased input costs, the effects of higher interest rates, supply chain disruptions, and a tight labor market.
To date, most small employers have focused on strengthening their finances to prepare for future shocks. Opportunities exist for additional actions to focus on risk management.