A number of organizations, ranging from government to academic entities, have issued reports on the financial effects of COVID-19 on small business in America. Today, Intuit released their report on the financial impact of COVID-19 after commissioning economist Susan Woodward to review anonymized revenue data from 800,000 to 1.1 million QuickBooks Online customers using net bank deposits, excluding government grants and loans. For all findings, you can read the full report here.
Key Findings
Takeaway
Small businesses have and are continuing to respond to changing patterns of consumer demand. Over the course of the pandemic, businesses that were able to respond to the fluctuating patterns were able to adapt and evolve their business processes. Other businesses found it much harder to do so. However, as regulations were and continue to be lifted, more businesses have begun to rebound.
The question that remains is where small business goes from here. Consumer demand which shifted dramatically throughout the past year will continue both because of the continuing impacts of COVID and recovery from its impact and because of normal business cycles. How exactly will demand shift over the next three-, six- or twelve-month periods?
And most importantly, how will you, as the champion of your small business clients, continue to support your clients?