![]() In the immediate-term, 68% of respondents indicated concerns around revenue loss, while 32% were concerned about a prolonged sales cycle. Current valuations are also feeling the impact, while future growth potential remains uncertain - Twenty-two percent of respondents indicated a shift in business valuation due to the pandemic.Survey results also demonstrate geographic differences, as businesses in the West experienced a more dramatic impact, with those in the Midwest seeing less of an impact. More than 17% said they are seeking extensions on recurring payments like rent, and less than 60% of these businesses have been granted such extensions. Overall business health has been drastically impacted - Over half (51%) of respondents reported a significant decrease in sales due to the pandemic.The data was assessed as a whole, as well as on a company size, regional and industry level. “The pandemic touched nearly all industries across the small- and mid-sized business space and the emerging federal relief programs have proven critical as the sector continues to respond.” “While we have known small businesses were impacted by the pandemic, the index begins to quantify the uncertainty around this sector,” said Philip Noftsinger, Executive Vice President, CBIZ, Inc. ![]() ![]() and within more than 30 industries.* The survey assessed a range of issues and challenges, including the pandemic’s impact on business health, sales and revenues, and staffing and headcount, as well as participation in the Paycheck Protection Program (PPP) and anticipated challenges moving ahead. The data analyzes responses from over 1,600 businesses across the U.S. (NYSE: CBZ), a leading provider of financial, insurance and advisory services, between Aug. To help mitigate this impact, the majority of businesses surveyed in the index leveraged the Payroll Protection Program, and many sought extensions on existing payments. Notably, smaller businesses, those with 1-4 employees, were most severely affected by the pandemic. The index found the majority (84%) of businesses surveyed realized some impact from the pandemic and corresponding economic slowdown. have demonstrated a disproportionate impact from the COVID-19 pandemic, with over 43% surveyed reporting a significant to severe impact, according to findings from the CBIZ Main Street Index. "A lot of people are looking for a second job, and hopefully small businesses will be the positive recipient of that," he said.CLEVELAND-( BUSINESS WIRE)-Small- and mid-sized businesses in the U.S. In July, there were 433,000 workers with two full-time jobs, compared to 401,000 in July 2021, according to data from the U.S. ![]() However, he noted there are record numbers of workers with at least two jobs, according to federal labor data. That labor crunch has forced many small businesses to reduce hours or close on certain days, Mucci said. There were 11.24 million job openings in July, with openings outnumbering available workers by nearly a 2-to-1 margin, according to the Job Openings and Labor Turnover Survey.įriday's August nonfarm payrolls release from the Bureau of Labor Statistics is expected to further the view that hiring demand remains high. While those figures are relatively unchanged from previous quarters, it highlights the difficulty around hiring that many small business owners are facing. The difficulty of both finding workers and having to pay higher wages could lead to a continued slowing of hiring activity, Mucci said, adding that "both of these things are going to slow down a bit."įifty percent of small business owners said it was harder to hire in the third quarter of 2022 than it was a year ago, according to a recent CNBC/SurveyMonkey Small Business Survey, while 28% say they have open roles they haven't been able to fill for at least three months. Hourly earnings were up 5.18 % in the month, matching a record set in May dating back to 2011. Hourly earnings on average were $30.71 in August, up $1.51 from the same month last year, according to Paychex. Mucci said that there are small businesses that are feeling the "inflationary pressure of wages." Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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