Most Small Businesses Have Changed
According to the report, the 92-percenters have pivoted their business in at least one way to adapt to the current pandemic environment, which leaves only a small percentage—8 percent—have not changed anything about their business.
When these businesses are pivoting, they are changing their business models, with most saying they had to make these changes on the fly.
Most businesses have adapted to digital technology to carry out business. The survey revealed that 58 percent of these businesses added a new online delivery option to its services, 40 percent added a new virtual service, and 36 percent started offering an offline delivery channel. 31 percent of respondents simply added new product and 19 percent added new customers to their list.
While these changes have led to success, small business owners have also faced some challenges as well. The biggest challenge expressed were concerns over employees lacking the skills required for the new approach (22 percent), while other concerns included scarcity in funds or cash (16 percent), setting up the new online delivery channels (14 percent), developing new products (9 percent), and implementing new health and safety practices (8 percent).