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Minimum Business Days: Qualifying business with $500 off Verizon Business Unlimited Pro 2.0 Plan and free 5G phone
More than half say spam, viruses and password theft pose a threat to cyber security
61 percent of small businesses have adopted new tools and technologies in the past two years to improve the customer experience.
Basking Ridge, NJ – Verizon Business today released findings from the third annual State of Small Business Survey conducted by MorningConsult. Based on responses from more than 600 small and medium-sized businesses, the data shows that challenges such as inflation, labor and the U.S. economy are top concerns. Despite this, businesses remain optimistic about their future, with 56% of small and medium-sized businesses believing they will be better off a year from now. Other concerns include cybersecurity and businesses’ outlook for the 2022 holiday season. Download the full survey results.
The business’s chief revenue officer, Aparna Kurjekar, said, “While there has been belt-tightening across all businesses, continued innovation and technology investment have seen sales, employee engagement and improved customer experience.” Markets and SaaS, by Verizon Business. “We are committed to providing our small business customers with integrated tools that give them the technological edge they need to succeed.”
Key Findings:
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Inflation and supply chain issues remain concerns. Nearly half (44%) of small and medium-sized business decision makers say supply chain issues will affect sales during the holiday season, and roughly one-third (35%) worry about economic problems and inflation affecting their sales.
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Manpower and economic problems. More than 82% of respondents express inflation anxiety, and compared to the previous two years, this time respondents are more concerned about their own financial security (72% in August 22, 66% in 2021 and 67% in 2020). But 80 percent of the businesses surveyed didn’t lay off workers, and 87 percent didn’t cut their workers’ wages.
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The final cut of technology investments. Compared to cutting costs for operational investments (39%) and staffing arrangements (59%), only 29% plan to reduce or reduce technology investments in the next six months.
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Revenue-driven communications technology innovation. Almost half (48%) of the technology additions made by small and medium-sized businesses were to first acquire customers, and 53% of businesses that added to their technology stack invested in better communication with existing customers.
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Cyber security concerns are eliminated. In line with 2021, the majority of small and medium-sized business decision makers see the following as threats to their business this year: viruses (55%), malware and ransomware (54%), sensitive data vulnerabilities (51%), password theft (51 ) %), and spam and phishing (50%).
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Innovation to suit consumer preferences. 48 percent of businesses surveyed introduced new products and services in the past year to adapt to changing consumer demand.
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Expectations of Small Business Owners to Differ in 2022 Among small and medium business decision makers, 68% expect their business to improve in 2022 and 2021, while only 46% say business has improved.
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The hospitality industry was hit hard. Small businesses in food and beverage, restaurants and bars and retail are more concerned than other industries about returning to pre-Covid levels with a more cost-conscious population. Ensuring inventory levels and replenishment schedules amid ongoing supply chain disruptions was a concern for food and beverage (72%), restaurants and bars (69%) and retail (62%) businesses. Cash flow disruption was also a concern: food and beverage (65%), restaurants and bars (59%) and retail (66%).
Verizon Business Small Business Days September 8-14
Verizon Business is bringing back its Small Business Days from September 8-14, when businesses can take advantage of special offers and have the opportunity to meet with a Verizon Business expert for an additional technology check-in. The offers include more than $500 in savings on Verizon Business Unlimited Pro 2.0 plans for customers who transfer their number to a new smartphone and a select free 5G phone with a new line, eligible Business and Business Unlimited plans.
To learn more about Verizon Small Business Days, visit www.verizon.com/business.
Free resources available for small businesses
Focused on helping small businesses digitize, Verizon has launched a free, comprehensive online curriculum designed to provide personalized learning for small businesses, including more than 30 courses, mentoring, peer networking, 1:1 professional coaching and incentives: Verizon Small Business Digital Ready. Located at Verizon.com/SmallBusinessDigitalReady, the portal was created for small businesses and the organizations that work with them, helping diverse and under-resourced business owners. The initiative is part of a 10-year commitment by 2020 to support Citizen Verizon, part of its business plan to empower 1M small businesses in the digital economy.
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