The impact of COVID-19, health care costs, and consumer spending are top challenges U.S. business owners—including Black entrepreneurs—face heading into 2021, a new Bank of America survey shows.
The Bank of America 2020 Small Business Owner Report included more than 300 interviews of Black business owners. It revealed that as entrepreneurs continue to navigate challenges on the road to recovery, they remain resilient, creative, and innovative, says Sharon Miller, Head of Small Business at Bank of America. The research also found many proprietors believe the small business environment will stabilize as consumer spending and confidence increases, and as public health improves.
Health workers are using Eventbrite’s online ticketing platform
The report found many business owners stayed open by implementing enhanced safety measures and by changing their primary revenue stream. “I’ve been inspired by business owners throughout the country who have demonstrated a commitment to innovation while serving the needs of their local communities,” says Miller. “Every day, I hear from entrepreneurs who are retooling and adapting to create new opportunities for themselves and their employees.”
Examples includes distilleries that retooled to make hand sanitizer or clothing designers that invested in the production of face masks. The research also show one-quarter of businesses that stayed open transitioned to a more digitally focused strategy, including shifting sales to e-commerce, or boutique fitness studios offering online classes when physical locations closed.
Source: What Small Businesses Need To Thrive in 2021 During the COVID-19 Recovery
