As a result of the COVID-19 pandemic, 87 percent of small businesses are anticipating a sales decline of at least 10 percent, according to a new survey done last week by the Small Business Association of Michigan. The survey showed that sales and future profitability are the top concern among small businesses.
“Though the pandemic has been devastating for small business owners all across Michigan, they are incredibly resilient and have plans in place to protect customers and employees from the spread of COVID-19,” said SBAM President Brian Calley. “If given the chance, small businesses are ready to return to work and serve customers safely.”
The survey, conducted between May 26 and June 2 of nearly 600 Michigan small businesses, also showed that 90 percent of businesses are confident in their ability to prevent the spread of COVID-19 in the workplace. Additionally, 75 percent of businesses say they already have their COVID-19 Preparedness and Response plan in place, as required by executive order to operate.
“It makes sense that loss of sales and profitability top small business owners concerns as deal with closures and reductions that were caused by the pandemic,” said SBAM CEO Rob Fowler. “The road ahead likely won’t be easy but we are hopeful that small businesses will be able to overcome these obstacles and survive these difficult times.”
Additional results revealed:
• 13 percent, or one in seven small businesses, are still not confident they will survive the pandemic.
• 81 percent of those surveyed said they are prepared for back to work activities, including having proper personal protective equipment for employees.
• 53 percent of small businesses laid off at least one employee.
• 87 percent of small businesses expect a decline in sales, while 60 percent expect a decline greater than 25 percent.
• 79 percent of survey businesses applied for the Paycheck Protection Program and only one percent reported receiving a denial from the program.
• 31 percent of small businesses surveyed still are unable to open due to the governor’s executive orders.
The Small Business Association of Michigan focuses solely on serving the needs of Michigan’s small business community through advocacy, collaboration and buying power. Today they serve over 28,000 members in all 83 counties of Michigan. SBAM is located in Lansing, just one block from the Capitol.
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