77% of small businesses view technology like high-speed internet as a key ally to overcome challenges

Rhea-AI Summary

Verizon Business reports that over 67% of small and midsize businesses (SMBs) feel better off than a year ago, highlighting a strong recovery and increased technology adoption. Key findings show that 77% of SMBs have upgraded their technology, while 63% transitioned to digital operations. Despite hiring challenges, 55% added new employees. SMBs anticipate higher revenue from digital operations, and 88% emphasize flexible schedules to attract talent. Verizon is launching Small Business Days from April 28 to May 4, offering up to $1,500 in savings on services like 5G Business Internet.

Positive

• 67% of SMBs report improved conditions compared to last year.
• 77% have upgraded technologies since the pandemic.
• 63% transitioned to digital operations.
• 55% of decision makers hired new employees in the past year.
• 65% of SMBs say revenue from digital operations is higher than pre-pandemic.

Negative

• 60% of SMBs struggle to fill open positions.
• 57% report declining sales over the past year.
• 69% have faced increased costs.
• 61% experience sourcing issues due to supply chain disruptions.

More than 2 in 3 small and midsize business say they are better off now than one year ago, according to Verizon Business report

Verizon brings back Small Business Days April 28-May 4: Free tech evaluations and up to $1,500 in savings

Key findings:

• 77% of small and midsize businesses have either added or upgraded technologies that support connectivity since the start of the pandemic, including high-speed internet.
• 77% have expanded or are considering expanding their business into a new market.
• 63% have transitioned to digital operations while 73% have added or upgraded communications networking hardware.
• 55% of decision makers have hired new employees in the past year and 51% have created new positions – yet 60% have struggled to fill open positions.
• 88% say offering flexible schedules is important for attracting and retaining talent.
  

Summary Findings

BASKING RIDGE, N.J., April 26, 2022 (GLOBE NEWSWIRE) -- Ahead of 2022 National Small Business Week (May 1-7), Verizon Business today releases findings from their Small and Midsize Business Outlook and Technology Adoption Study. Key findings include a challenge to fill open positions (60%), the importance of offering flexible schedules to employees (88%) and an increased adoption of technology, including a focus on digitization (63%). Verizon brings back Small Business Days April 28-May 4th, where small businesses can receive up to $1,500 in savings to help offset costs when they switch to Verizon 5G Business Internet*.

“I continue to be inspired by the ingenuity of small and midsize businesses,” said Tami Erwin, CEO of Verizon Business. “These figures are indicative of what we’ve seen in working with our customers, who are embracing technology to meet their customers’ changing needs, scale their businesses and ensure they are future-ready.”

The survey was conducted by Morning Consult and consolidated feedback from 1,033 small to midsize business decision makers in 10 major U.S. metros about their current state of mind and how they plan to overcome remaining challenges.

Further key findings include:

• 71% of small and midsized business decision makers say they are better off now than one year ago, and they also view technology as a key ally to help them overcome lingering challenges to improve sales, boost talent acquisition, and tackle rising inflation and supply chain issues.
• 65% of respondents say they have either begun offering or expanded their offering of mental health and wellness programs during the pandemic, further showing the support small and midsize business owners are offering their current and prospective employees.
• 57% of respondents say they have experienced declining sales over the past year coupled with 69% experiencing increased costs, while 61% of respondents report issues with sourcing materials due to the ongoing global supply chain crisis.
  

Overall, these decision makers are seeking new avenues to expand their business and maximize their use of new technologies to solve challenges in order to drive growth. With access to a variety of solutions, there’s a renewed optimism and investment in growth as pandemic recovery is in full swing.

Investment for growth

Small and midsize businesses are bullish on their recovery and growth. They also view technology as a key ally to help them overcome lingering challenges to improve sales, boost talent acquisition, and tackle rising inflation and supply chain issues.

• 65% say revenue generated through digital operations is higher now than pre-pandemic
• 61% say they expect their business’ financial security to get better in the coming months
• 63% expect that providing goods or services and 64% believe acquiring products will be easier a year from now than it is today
• 42% of decision-makers say they have dealt with supply chain disruptions by stockpiling goods, while 38% are implementing continuity planning

Technology fuels flexibility and future of work

Beyond how small and midsize businesses are using technology to drive growth, the changes in employee needs are a high consideration in determining both their workplace of the present and future. And, similar to many large businesses, the forced changes have created some unexpected benefits.

• Nearly 40% of decision makers say they have added net-new remote work or flex work hours during the pandemic, and 79% either offer or plan to soon offer incentives to attract and retain employees.
• 62% say they have transitioned employees from onsite to remote while 52% have transitioned from remote back to office in the past year.
• Half of those surveyed say they have hired non-local employees for remote work in the past year, and 73% believe that it’s important to offer a stipend for home internet services.
• As a result, 56% of those surveyed say employee morale and 62% say collaboration is higher compared to pre-pandemic levels.

Free Resources Available to Small Businesses

Focused on helping small businesses with their digitization, Verizon recently launched the Verizon Small Business Digital Ready. Developed in partnership with small business owners, this online portal is open to any business for free at Verizon.com/SmallBusinessDigitalReady. The portal provides a personalized experience, providing resources, networking, and coaching tailored to a small business’s specific needs.

Verizon Small Business Days

Ahead of National Small Business Week, Verizon Business is bringing back Small Business Days April 28th through May 4th. Businesses can come in store for special offers and learn more about products such as Verizon 5G Business Internet available in select areas, and have a free tech evaluation from an in-store representative. To learn more about Verizon’s offerings for small and midsize businesses visit our website here.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $133.6 billion in 2021. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

5G Business Internet is available in select areas.

*Qualifying customers will receive a credit to cover early termination fees charged by prior provider, up to $1,500. Credit will issue after 60 days of service and will appear on 1-2 bills thereafter. You remain solely responsible for paying the ETF to your prior provider. Terms apply.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Claudia Russo
claudia.russo@verizon.com
201.400.5325 

FAQ

What are the key findings from Verizon's Small Business report released on April 26, 2022?

The report highlights that 67% of SMBs feel better off than a year ago, with 77% upgrading technology and 63% transitioning to digital operations.

When is Verizon's Small Business Days event in 2022?

Verizon's Small Business Days will take place from April 28 to May 4, 2022.

What benefits do small businesses see from technology according to Verizon's report?

Small businesses view technology as a key ally for improving sales, talent acquisition, and addressing inflation and supply chain challenges.

What percentage of small businesses have experienced hiring challenges according to Verizon's report?

According to the report, 60% of small businesses have struggled to fill open positions.

How are small businesses addressing supply chain disruptions as per Verizon's findings?

42% of decision makers are stockpiling goods, while 38% are implementing continuity planning to address supply chain disruptions.