How Small Business Revenues have been Impacted by COVID-19

By Chip Phillips on August 12, 2020
Tags: Business Operations, COVID-19 Resources, Safety

Background

GoCanvas surveyed its customer base, as well as other small business leaders, in June 2020 about their industry outlook as a result of the global pandemic. This blog post highlights our initial findings. Data from this GoCanvas Small Business Report is sourced from 270 small businesses within a varying spread of industries.  

Industries Include:

  • 17.9% – Specialty Trade Contractors 
  • 13.6% – Building, Equipment, Electrical, Plumbing, HVAC 
  • 8.1% – Transportation Logistics 
  • 7% – Healthcare 
  • 5.5% – Foundation, Structure, & Building Exterior Contractors

Business Outlook Pre- vs. Post-COVID-19

The global pandemic forced many small businesses to halt operations, furlough employees, and increase precautions for contractors, suppliers, and vendors. While a strong proportion of small businesses cite overall confidence in their ability to return to normal operating levels, the short-term impact of the pandemic is felt across industries. 

On a scale of 1-10, please rate the outlook for your business BEFORE COVID-19 (1-Pessimistic; 10-Optimistic)

On a scale of 1-10, please rate the outlook for your business AFTER COVID-19 (1-Pessimistic; 10-Optimistic)

Per the visuals above, it will likely take time for small businesses to return to their originally forecasted operating levels. As of June 2020, nearly 14% of our response base shared their business was still suspended (considered non-essential) due to their state’s mandate. 

Of the respondents that were able to stay open during this time, nearly 50% of our respondents shared that the “stay-at-home” order was restricting the amount of work they can do. Meaning, regardless of a business’s essential status, workforce operations and efficiency are being impacted at an unmeasurable level. 

Revenue Impact

To get a better short-term estimate of business impact, we asked our respondents to rate their revenue expectations for the rest of this year: 

For many small businesses, it’s too early to tell how big of an impact the pandemic will have on their revenues – nearly 42% to be specific. To find out which industries are largely predicting the most significant declines in revenues, sign up for our webinar to learn more.


Interested in learning more? Tune into our live webinar on Thursday, August 22nd, at 2 PM ET, as we review more survey results. Register here.