Verizon survey says 68% of small businesses believe they can recoup COVID-19 losses

In a recent interview with FieceTelecom, World Wide Technology's Neil Anderson, senior director of network solutions, said the coronavirus pandemic has pushed companies of all sizes to accelerate their digital transformation plans, and the companies that had already adopted digital transformation and cloud strategies were better able to pivot in the first few weeks of the pandemic.

by Mike Robuck

In the most recent earnings calls, several telecommunications executives have expressed concern over how the COVID-19 crisis was impacting small-to-medium sized businesses (SMBs), with some of them saying they expected a large number of SMBs to not re-open.

According to findings from a recent survey commissioned by Verizon Business, 68% of the small business believed they could recoup their COVID-19 related losses. The survey analyzed the responses from owners and decision makers at businesses that remained operational during the pandemic.

Without corporate backing, some SMBs have had to weather the coronavirus pandemic by closing their doors due to shelter-in-place and quarantines policies across the globe and in the U.S. With those policies starting to lift in countries such as Italy and Spain, as well as in cities and states in the U.S., nearly half (46%) of the small business that remained open said they would be able to stay open for more than six months if the pandemic continues along the same lines.