Our friends at Connected Council conducted a study with Google to understand how small businesses across a variety of industries weathered the COVID 19 storm. What they found isn’t a surprise, small businesses with access to affordable digital tools are more likely to survive and recover from the impact of COVID-19.
Digital Tools Help Bring In Consistent Revenue
In their study, they highlight the fact that there is a growing gap between small businesses who are are embracing and adopting digital tools at a high rate and those who remain uncertain and less digitally advanced. SMBs who have adopted digital with no reservations see better and consistent revenue, stronger performance, are equipped to pivot their business models, and are generally more positive about their future outlook.
Other highlights include:
- Small businesses who adopted digital saw their revenue perform 50% better than small businesses who continued with their previous operational tactics.
- SMB with a digital focus were 2x more likely to hire new employees during the pandemic.
- Digitally focused SMBs are 3.2x more likely retained customers vs less digital focused businesses and acquired new customers at 20x the rate.
- Digitally focused SMB are 3x more likely to credit their adoption of digital tools for their success running their business during the pandemic.
On the other end of the spectrum, the study indirectly suggests that 1.5 million non-advanced small businesses closed during the pandemic. Likewise, the gap between digital adoption and traditional business grew 22% in the last 8 months from 34% to 56%.
As a BeautyTech brand, ShearShare understands the importance of looking to digital to support your business. No brand can be 100% digital, 100% of the time. However, there are many tools available at your fingertips to help run a sustainable, efficient and operationally effective brick and mortar business.
To Learn more about the state of small business Click Here.