Principal Financial Group shared survey results detailing how businesses have been impacted by and responded to the economic effects of COVID-19. The study captures that while businesses of all sizes experienced impacts from the global pandemic, many have reportedly pivoted enough in their operations to sustain their business through the crisis so far.
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“Most small business owners don’t consider a perceived failure such as bankruptcy an option. Their mindset is to do whatever it takes to keep their business and livelihood viable”
In its seventh edition, the Principal Financial Well-Being Index gathered insights from 500 business decision makers from companies ranging from two to 10,000 employees for a deeper look at how COVID-19 has affected the way they do business, their workforce, and their plans to recover and move forward.
Businesses are weathering the impacts of COVID-19
“We have to act fast and adapt to be able to diversify in these situations. It is important to have multiple service channels open at all times.” – survey participant
Despite the pandemic significantly altering lives, businesses, and communities around the world, most business surveyed reported feeling positive now halfway through 2020. Only one in 10 respondents indicated they are experiencing a decline in their business’s financial health over the last 12 months. Forty-four percent reported their financials have improved somewhat or significantly in the last year.
“The stamina and strength of business owners in the face of COVID-19 has been remarkable and inspiring,” said Amy Friedrich, president of U.S. Insurance Solutions for Principal. “I believe that while most businesses were hit hard initially by the economic disruption caused by the pandemic, many innovated and figured out a way to serve their customers and sustain their businesses in the months that followed.”
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