48% of Small Businesses Fear Closing for Good

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Closing for Good

Despite optimism during this holiday shopping season, 48% of small businesses fear they won’t make enough money during the rest of Q4 to stay afloat. This according to the Alignable Revenue Poll.

The sobering number from Alignable’s recent poll indicates small businesses are still not out of the woods when it comes to a post-COVID-19 recovery.

48% of Small Businesses Fear Closing for Good

Two months ago Alignable’s polls found pessimism among small businesses was at 42%. The latest poll results indicate the convergence of several factors that have added to the woes of small businesses. This includes the resurgence of COVID-19, elevated customer fears, and a surge in online shopping at Amazon and other national e-commerce giants.

Additional findings of the poll include:

  • Some 50% of retailers could close for good and that figure is up from 45% only two months ago.
  • 47% of small Business to Business (B2B) firms are struggling to keep the lights on and might not make it to next year. This is up by nine percentile points from September where the figure was just 38%.
  • Among those hard hit are those in the travel and hospitality sector where 62% say they might not survive in the next three months.
  • Others who expressed their concerns include owners of gyms (61%), beauty salons (60%), health and wellness shops and spas (46%), restaurants (45%), marketing and advertising agencies (45%), entertainment companies (43%), construction businesses (38%), law offices (36%), and even accounting firms (25%).
  • Those seeking some form of support to weather the storm are shops and services with closure risks of 45% to 62%.

image: Alignable

How Business Can Get Back their Customers

Despite the hard times ahead small businesses will need to dig deep to get their balance sheets back in the black.

One is to continue their engagements with their customers by reaching out to them online or through other channels. This will include providing information on what high sought goods and services are available to them. Also make sure you let them on discounts, holiday discounts and other promotions that customers can capitalize on.

Your message should also include allaying concerns regarding safety precautions your business has put in place as well.

Image: Depositphotos.com

This article, “48% of Small Businesses Fear Closing for Good” was first published on Small Business Trends