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SPOKANE, Wash. – Attracting new customers, planning for retirement and protecting against cyber attacks came out as the top three priorities for small business owners in a new small business needs assessment by the Washington Small Business Development Center (SBDC) and Washington State. Department of Commerce.
The survey, conducted by Washington State University’s Social and Economic Sciences Research Center (SESRC), collected data from more than 1,100 businesses between March 1 and July 8 to determine how small businesses in Washington are adjusting to statewide Covid-19 restrictions. How were those businesses doing two years after the outbreak?
The survey sought to better understand the unique needs of small business owners in the state and what resources the SBDC and other state agencies/departments can provide to best assist them.
“We already know the pandemic will affect some businesses more than others, but this survey gives us a way to look at the impact by industry and region so we can plan to better serve the small business community,” said Duane Fladland. Washington SBDC State Director.
“In analyzing the data, we’re particularly interested in what kinds of help business owners need and where the gaps are,” Fladland said. “We know that technical assistance can change the direction of business growth or recovery right now, so we want to make sure we’re properly serving the needs of small business owners across the state.”
“Supporting small businesses ensures equitable economic recovery for local communities and the state as a whole,” said Linda Womack, managing director of Small Business and Community Engagement. “This information will be extremely helpful in better understanding and taking a holistic approach to new grants as well as our current programs and resources so that we can provide the greatest benefit to Washington’s small business owners.”
Key takeaways from the survey include:
According to survey respondents, the main four areas of impact of Covid-19 are:
- 71% – loss of sales or cash flow
- 57% – problems with obtaining supplies
- 47% – Compliance with customer and employee safety measures
- 33% – problems finding and keeping employees
The top five areas of help needed to get out of the pandemic, according to survey takers, are:
- 45% – getting new customers
- 44% – increase in sales
- 43% – planning for retirement
- 43% – protecting their business from cyber attacks
- 40% – setting development goals
The 156-item survey instrument was developed as an online web survey, a paper mail-back survey, and a telephone interview script. It has also been translated into Spanish and Chinese. For the study, researchers identified 11 business sectors and 12 regional regions with population metrics collected from each province and different industries. Researchers worked to ensure that female business owners and racial/ethnic minorities were included in the survey.
The survey was sent to more than 7,000 businesses and fully or partially completed surveys were returned by 1,193 business owners, representing an 18.1% response rate. While the survey did not specifically attempt to measure business closures, 9.2 percent of the businesses selected to participate were closed and not in business at the time of contact.
The Washington SBDC is a network of over 47 business advisors working in communities across the state to help business owners start, grow or buy/sell a business. SBDC offers no-cost, confidential, one-on-one advice on any area of ​​business development and any industry. Hosted by Washington State University since 1981, the Washington SBCC receives funding from the US Small Business Administration (SBA), WSU, other institutions of higher education and economic development, and the Washington State Department of Commerce.
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