UpCity Survey Results: Small Business Spending During COVID-19
57% of small business owners cut back on their business spending during the pandemic
CHICAGO, March 07, 2022 (GLOBE NEWSWIRE) — UpCity has announced the publication of a comprehensive survey asking small business owners about the impact that the COVID-19 pandemic had on their business budgets and spending habits.
The survey post, 2022 Study: 57% Of Small Businesses Cut Their Spending During The COVID-19 Pandemic, features insight from 600 small business owners in the United States and Canada and examines findings across a variety of budgeting aspects including business budget amounts pre-COVID and now, the most highly invested-in departments, employee resource allocation and benefits, and whether businesses are choosing to outsource their projects or handle tasks in-house in 2022. Respondents operate a variety of both B2B and B2C-based businesses.
Statistical highlights include:
- 57% of small businesses cut their spending during the COVID-19 pandemic.
- 28% of small business owners allocated most of their budgets to marketing and advertising pre-COVID. 27% of respondents now invest most of their budgets into operations management.
- 34% of small businesses increased their employee’s pay since the pandemic and expanded their workplace health benefits, including mental health benefits.
- 36% of businesses handled their tasks in-house pre-COVID. 44% of respondents still handle tasks in-house, with an 8% increase.
Heidi Sullivan, SVP of Product & Marketing at UpCity encourages business leaders to revisit their budget allocations since the rise of the COVID-19 pandemic, with an emphasis on investing in their workplace talent.
“As more businesses primarily handle tasks in-house, they must be prepared to thoroughly invest in their current in-house teams,” Sullivan said. “Now, more than ever before, offering a competitive salary and benefits package is crucial for retaining top-tier talent. Granting access to quality health benefits—including mental health support—is especially vital during times of uncertainty. Always ensure that your benefit offerings align with your team’s needs so that they feel empowered, appreciated, and heard.”
Visit UpCity for more information about this survey and other topics relevant to small and medium B2B service providers, their leaders, and their employees.
UpCity is a resource that helps connect businesses to service providers they can trust. With more than 70,000 listed providers—from marketing agencies to accounting firms to HR consultants to IT specialists, and many more—2 million businesses (and counting) have visited UpCity to research and identify the best partner for their needs.
For interview requests or other inquiries, please contact UpCity SVP of Product & Marketing Heidi Sullivan at [email protected].
UpCity
180 North LaSalle Street, Suite 2100,
Chicago, IL 60601
312-445-9615
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