As small businesses remain closed due to social distancing requirements, many are finding unique ways to transform their business operations, according to the latest MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Poll.
Last month, 12% of small businesses reported transitioning some or all of their employees to teleworking, while 10% had begun transitioning the retail aspect of their business to be more virtual or digital. This month these trends grew more pronounced with one in five (20%) small businesses saying they have transitioned employees to teleworking and 17% reporting they have transitioned their retail presence to be more virtual or digital.
Meanwhile, the number of small businesses shutting down continues to climb. One in three (29%) of respondents said they had shuttered their businesses temporarily in the last two weeks (note, these figures do not include small businesses that closed prior to the two-week period before the April survey was taken). That’s up from 24% who reported the same one month prior. In addition, more than one in five small businesses (22%) say they are two months or less from closing permanently. Self-reported business health also continues to decline: 50% of small businesses feel their business is in good health, down seven points from last month.