VP of External Relations, SCORE
It’s no secret COVID-19 has had a major impact on small businesses, especially Main Street establishments like restaurants and retail stores. To document that impact, and the incredible resilience of small business owners across the country, SCORE, mentors to America’s small businesses, began surveying small business owners at the onset of the pandemic in February.
Survey findings suggest that although COVID-19 has affected all businesses in a major way, Black and Hispanic business owners have struggled the most due to disparities in public and private financial assistance, in conjunction with a greater likelihood of friends, family, and staff who have contracted the virus.
At every stage of small business ownership, and particularly during this challenging time, resilience and support are the keys to success.
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According to the “SCORE Megaphone of Main Street: The Impact of COVID-19,” all businesses — but especially minority-owned ones — cited “business mentoring” and “access to business networks” as the most helpful forms of non-government support at this time. A free SCORE mentor can provide you with business guidance and support, and help you determine the most effective next steps to take.
According to the Megaphone survey report, COVID-19 has forced 70 percent of businesses to make significant changes to their operations. Business owners are cleaning and making their spaces safe, adjusting their marketing strategies, and revamping their business plans entirely in order to meet customer needs. Don’t wait to adapt. Many of the changes brought on by COVID-19 are here to stay, so the quicker you can pivot and adapt your business plan, the better.
Small business owners are resilient by nature, and according to the Megaphone survey report, this remains an optimistic group. This is especially true for minority small business owners. Compared to the overall average, twice as many Black business owners (36.1 percent) and about 1.5 times as many Hispanic business owners (26.9 percent) reported feeling very optimistic about the next year. Positivity plays an important role in resilience.
Now that you know what you need to do, take action. To connect with an expert mentor for free and learn more about the “Megaphone of Main Street: The Impact of COVID-19 Report,” visit SCORE.org.