Home Small Business 57% of US small businesses are now fully reopened after COVID restrictions

57% of US small businesses are now fully reopened after COVID restrictions

After the relaxation of COVID restrictions, more than half (57%) of small businesses are currently reopen completely.

This good news was revealed by Kabbage, an American Express Company, in its Small Business Recovery report. The report track the growth of small businesses in America throughout 2021, as they recover from the crisis.

The first part of the report polled more than 550 small business leaders. The study tracked many points, including profits, total sales, number of employees, future prospects, and online strategies.

57% of small businesses fully reopened after COVID

It found that the reopening rate was significantly supported by moving operations online. One-third of the participants said they either exclusively sell online or offer a mix-sale model. This compares to the pre-pandemic days when respondents’ average monthly online sales accounted for 37% of total sales.

The report’s findings provide important insights into how small businesses are recovering as door lock restrictions are easing and the market begins to open. It reiterates the importance of adopting an online presence and selling exclusively online or through a combined model.

Tools to aid recovery and growth

The report also highlights the need for small businesses to have the right tools and means to help nurture and sustain growth.

Rob Frohwein, co-founder of Kabbage, said, “As our economy recovers, all small businesses, especially the most marginalized and vulnerable, must have fair access. with financial tools, systems and stimulus programs to ensure we all recover from the crisis together. “

Restoration milestones

Small business leaders were asked which milestones would best show their business recovery from the pandemic. 50% of respondents said that paying employees in full without regard is their top recovery milestone.

47% of business leaders say pre-pandemic self-pay is the most important indicator of recovery. Similar numbers claim that achieving pre-pandemic level of gross revenue and total daily transactions is their major recovery milestone.

39% said achieving greater levels of customer demand and doing business in the country were their main indicators of recovery.

The importance of vaccination

Immunization is also on the top priority list of small businesses in their recovery efforts. At the time of the survey, 12% of small business leaders had been vaccinated with COVID. Many have been cited as needing more access to vaccination in order to fully reopen.

Most of the milestones listed by small businesses are related to revenue and profitability. However, they also show the importance of small businesses to employee health, something all small businesses should take note of and act on.

Photo: Depositphotos



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