Survey results part 2: “How has the pandemic affected your business hours?”

This is the second in a series of  ZING survey results highlighting the challenges and growth opportunities for Small Businesses during the global health pandemic.  Survey responses represent the views of US Small Business owners that have survived the first wave of closures and were open for business in September 2020.

Highlight:  Nearly 2/3 of Small Businesses that did not close have maintained or expanded their business hours during the pandemic!

2020 has been a challenging year for Small Businesses, with an estimated 25% permanently closed as of September, according to the World Economic Forum.  The bad news is all around us, but the mainstream media doesn’t report on the silver linings:  In our last survey highlight we revealed that nearly 40% of Small Businesses that were open in September have found opportunities to grow during the pandemic.  This week we drill down into business hours:  ZING’s survey of business owners that survived the initial wave of closures reveals that over 60% of Small Businesses maintained or extended their business hours.

Survey responses: "How has the pandemic affected your business hours?"

Question 2: “How has the pandemic affected your business hours?”

  • 7.7% of survey respondents reported that they had closed temporarily for a period of time;
  • 30.8% reported a reduction in business hours;
  • 46.2% maintained regular business hours; and
  • 15.4% of Small Businesses had extended their business hours during the pandemic.

(* Percentages have been rounded to the nearest 0.1%)

The conclusion is that while the pandemic has been devastating for many businesses, including those sectors that rely on social proximity (ex. hospitality), others have experienced an increase in demand (ex. home improvement).  And as our last survey highlight suggests, some business owners have found ways to grow during the pandemic.

Despite the challenges, many of America’s Small Business owners are finding new ways to survive, adapt and grow in challenging times.  Based on anecdotal evidence provided by our clients, this can mean investing in online distribution models, new product lines… or shifting the model from retail to mobile delivery as we saw with Beauty Moves, the subject of last month’s “Powered by ZING” profile.

How is YOUR business positioning itself to grow by adapting to new market conditions?  We’d love to hear your ideas and help you explore options to finance your plans.

Other highlights from ZING’s Small Business survey:

With so many businesses struggling (and closing), it’s great to see bright glimmers of hope.  The entrepreneurial spirit is strong!  America’s Small Businesses will lead the economic recovery.  Read our full survey results (PDF) and drop us a line if you have any questions or want to discuss how we can help finance your plans to emerge from 2020 bigger and better than ever before.

Here’s to New Ideas and Big Plans!

ZING is proud to support Small Businesses with Big Plans for the future!  Call us or apply online to speak with one of our Business Growth Advisors about how we can get you the funding you need within 2-3 business days – so you can get back to growing your business!

Thank you to all the Small Business owners who participated in the survey.  Percentage figures have been rounded to the nearest 0.1%.