Nearly 80% of polled companies have made strategic investments to keep their businesses going through the pandemic and are confident these investments will pay off after COVID-19
To better understand broad COVID-19 sentiment, beyond its own small and medium size business (SMB) customers, TriNet, a leading provider of comprehensive human resources, teamed with The Harris Poll on three industry-wide pulse surveys on the topic of cash flow and liquidity. Surveys were conducted April 3–12 and included more than 500 SMBs with an employee base between 5 – 249 employees.
Results of the surveys, which are the first in a series the companies will be doing together, were discussed on a webinar that was held earlier today and is available for replay on TriNet’s website. Michael Mendenhall, senior vice president, chief marketing officer and chief communications officer TriNet, hosted the webinar and was joined by Paula Stratton, senior consultant, brand strategy and experience at The Harris Poll.
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Highlights from The Harris Poll administered survey reveal that despite the current economic environment and the difficult decisions being made, SMB optimism was surprisingly resilient. In fact, nearly 80% of polled companies have made strategic investments to keep their businesses operational through the pandemic, and 76% of those who have made investments are confident these investments will pay off after COVID-19. Furthermore, 65% believe that the US economy will recover in a year.
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“The resilience of this population is evident in their willingness to counter cost-cutting measures with investments in infrastructure, their employees and their communities,” said Stratton.
According to the survey, SMBs are confident that they can weather the storm in the near future. 96% of respondents were confident that under current circumstances, their business will survive one month, while 92% were confident that they could last three months. However, confidence levels begin to slip at the 6 and 12 month time frame.
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