NH SBDC, in partnership with the UNH Survey Center, conducted the 2020 Business Resiliency Survey to assess the effect of COVID-19 on NH's small businesses.
Fifty-six business organizations, representing a range of industries, partnered with the SBDC to help reach as many businesses as possible. More than 1,500 businesses from 172 towns and cities completed the survey.
“The goal of the Business Resiliency Survey was to better understand the challenges and needs of NH businesses so we can more effectively help them recover, reopen and become more resilient,” says Liz Gray, SBDC state director. “We knew businesses were struggling but the survey data quantified the problems and gave us ideas on how we can best support companies going forward.”
Key Findings from the survey include:
- A majority of respondents say their business currently employs fewer than 10 people. More than four in 10 respondents say their business employs fewer people than it did in February.
- More than three-quarters of respondents say their business's monthly revenue has decreased as a result of COVID-19 and nearly half say their revenue has fallen by 50% or more.
- The Payroll Protection Program was by far the most commonly utilized federal relief program; six in 10 respondents say their business received funds, while about a quarter used an Economic Injury Disaster Advance or another loan.
- Although only one in five respondents say their business had a resiliency or continuity plan prior to the COVID-19 pandemic, 73% said that resiliency planning will be very important or somewhat important in the future.
The survey also revealed new ideas and opportunities that businesses identified through the pandemic, including better communication with customers, partnerships with other small businesses, and new and expanded ways to do business, like eCommerce, take-out and curbside pickup. Most businesses plan to continue these changes going forward.