Survey Finds Small Businesses Increased Investment During Pandemic

Home » Small Business » Small Business News » Survey Finds Small Businesses Increased Investment During Pandemic

Survey Finds Small Businesses Increased Investment During Pandemic

Despite the financial challenges that the past several months have brought for small businesses, it seems that many owners actually increased their spending according to a report by Regions Bank. For their survey, Regions spoke with more than 500 entrepreneurs. In each case, they owned businesses with 100 or fewer employees. What they found was that a number of businesses — either by choice or by necessity — have recently ramped up investments in their operations.

In total, 46% of business owners surveyed reported increasing investment in their businesses since March of this year when the COVID-19 pandemic first surged in the United States. This includes 18% who say they put money into their technology and e-commerce efforts in recent months. Meanwhile, 12% said they’ve upped their investment in marketing and advertising. Additionally, another 12% stated that they’d increased their inventory and supplies. These results somewhat align with another survey by Comcast Business that found 31% of business owners are now embracing new technologies that they otherwise would have put off or ignored if not for the current circumstances.

Region’s survey comes just ahead of a free webinar the bank is hosting on November 10. Titled ” Steering Your Business Toward Success in the “New Normal,” the event will feature Bobby Hoyt of Millennial Money Man alongside Jim Kersey, a Regions consumer banking manager in Nashville. Those interested in the webinar can register for the live event and an on-demand presentation will be available afterward. Elsewhere, Regions’ Next Step page features several resources for small business owners including business calculators, articles, podcasts, and more.

Speaking to the survey’s findings, Regions’ Next Step financial education manager Joye Hehn said, “With business success tied to the ability to withstand financial challenges, many business owners have had to adjust to this new environment.” Hehn continued, “Reviewing the business’ financials within the current landscape can help in identifying ways to fine-tune operations and opportunities that could help propel the business forward.” Additionally, Kersey (who is set to speak at the aforementioned webinar) noted the importance of banking relationships, stating “Business owners continuously face important decisions on how to adapt their strategy. Having and building a relationship with a trusted banker can help business owners navigate the complexity of the market and make informed financial decisions.”

There’s no question that the past few months have been challenging for business owners across the nation. This includes potentially having to pony up additional investment money even as funds were tight. Yet, the good news is that these investments will hopefully pay off as the economy recovers. In the meantime, entrepreneurs and small business owners can look to lenders for financing options and to each other for ideas and support.


Also published on Medium.

Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Insurtech Company Hippo Scores $350 Million Investment

Palo Alto-based insurtech startup Hippo just announced that it's raised another $350 million. The impressive raise comes exclusively from Mitsui Sumitomo Insurance Company, Limited and brings the company's total funding to date to $709 million. Instead of being aside a letter, the round is being described as simply a "venture...

Bitcoin Continues to Surge, Nearing All-Time High

In 2017, Bitcoin enjoyed a famed run that saw the cryptocurrency's value climb to nearly $20,000 per coin before plummeting back down to earth. Now, nearly three years later, the asset is making another run at that record. Since October 1st, the price of Bitcoin has nearly doubled, going from...

Vennfi Raises $2.3 Million Ahead of Charityvest Platform Expansion

Even as 2020 begins to wind down, FinTech deals continue to roll in. Last week, Vennfi announced it had raised $2.3 million in funding. The seed round was led by former DCM Ventures partner Tom Blaisdell with participation from Teamworthy Ventures, Duro.vc, Sovereign's Capital, and Promus Ventures along with individual...