Survey: Pandemic Has Inspired Widespread Business Changes
According to the report, the 92-percenters have significantly pivoted their business in at least one way to adapt to the current pandemic environment, which leaves only a small percentage—8 percent—that 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, for example, and 36 percent started offering an offline delivery channel.
While these changes have often led to success, small business owners have also faced undeniable 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).