How has Covid-19 affected businesses?
The true impact of Covid-19
Small businesses represent over 90% of all companies globally. They shape our lives, infusing character and personality into our communities. Small businesses are resilient and creative in how they serve customers, but they’re also vulnerable – something that Covid-19 has made even more apparent. Xero commissioned The Next Chapter for Small Business study by Forrester Consulting to uncover the true impact of the pandemic on small businesses.
Five key recommendations
Helping small businesses recover
Over 1,000 small business owners with fewer than 100 employees, and 1,000 consumers who use or work with small businesses each week were surveyed. The report highlighted several areas where thriving businesses excel – from having up-to-date digital financial records, to engaging with their ecosystem, and adopting technology. The study offered five key recommendations to help small businesses recover and practical advice for business continuity, resilience and success.Download infographic of the findings
1. Digitize financial information
Using digital tools is no longer an admin task, it’s business critical and impacts whether a business will survive.
2. Create connections with customers
Meaningful connections with customers strengthen relationships. Customers trust businesses that show empathy more.
3. Use the power of your network
Small businesses need to be resourceful. Develop partnerships within your network to meet customers’ changing needs.
4. Use cloud-based tools
Businesses that thrived during the pandemic showed a higher percentage of cloud adoption as well as online revenue.
5. Use data to plan for the future
Small businesses are often unprepared for supply chain disruptions. Using data can help businesses plan for the future.
More about how the study can help you
Xero Chief Customer Officer, Rachael Powell talks with Forrester Consulting about the study’s findings.
Hear Rachael Powell’s conversation with Zhi-Ying Barry and Diane Deng from Forrester Consulting about the impact of COVID-19 on businesses.Play video
Rachael Powell, Zhi-Ying Barry and Diane Deng from Forrester Consulting discuss how critical cloud or web-based tools are and have been.Play video
Rachael Powell, Zhi-Ying Barry and Diane Deng from Forrester Consulting discuss why meaningful connections with customers are crucial.Play video
Rachael Powell, Zhi-Ying Barry and Diane Deng from Forrester Consulting discuss how consumers’ expectations have shifted.Play video