BBB | COVID-19 Business Impact Report

Small businesses are anxious to learn what the long-term effects of COVID-19 will be on their industry. While there are currently too many unknowns to make a prediction, what we can do is examine how the pandemic is impacting businesses right now.

BBB conducted a pulse survey and compiled the results into a comprehensive report in the hopes of clearly identifying challenges our Accredited Business are facing. Here are some of the highlights:

• 70% of the more than 1,300 BBB Accredited Businesses surveyed between March 23 and March 27 believed the coronavirus outbreak would have a significant negative impact.
• The top information needs for businesses are: funding and support options (60%), how to communicate with consumers (17%), human resources information (8%), technology for remote working (4%), and connecting with other businesses (3%). 
• While 36% of businesses say they will likely reduce staffing, 30% of business owners tell BBB they will have to change or adapt to a new business model.
• Reports to BBB show a 279% increase in the number of price gouging reports from January and February to March and April when the stay-at-home orders affected much of the country.
• In March 2020, BBB saw a 10% spike in the number of complaints over the previous year, and nearly 7,000 COVID-19 related complaints and customer reviews. 

It’s clear the pressures put on businesses during the COVID-19 pandemic are forcing them to make drastic changes to the way they operate. As your business goes through growing pains while implementing these changes, remember that BBB is here to help you during these trying times. Visit BBB.org for resources and to stay updated on the latest news. And if you’re interested in viewing the full report on how COVID-19 is impacting businesses, you can read it here.