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.

Infographic: The Impact of COVID-19 on Established Small Businesses - April 2020

Infographic: The Impact of COVID-19 on Established Small Businesses - April 2020