The pandemic has decimated the world’s smallest businesses, but many are as convinced as ever about their ability to thrive, according to a new report from domain registrar GoDaddy (opens in new tab).
Polling 5,265 small businesses across ten countries, the firm found that 75 percent reported a fall-off in revenue since the start of the pandemic. Two in five also had to close down (opens in new tab), at least temporarily, either for safety reasons or because they couldn’t access the resources needed to keep running.
Despite the gloomy outlook, most businesses don’t consider the Covid-19 pandemic an insurmountable catastrophe. Instead, seven in ten expect to recover within a year, and almost two thirds (63 percent) expect to grow by at least a quarter within the next three to five years.
US companies are among the most acutely affected by the pandemic, yet American business owners (opens in new tab) are also those that exhibit the most optimism about recovery prospects. More than a third expect to fully recover within a mere three months.
"As difficult as the last six months have been, it's inspiring to see global entrepreneurs determined to work their way back to recovery and success," said Melissa Schneider, Vice President of Global Marketing Operations at GoDaddy.
"At the heart of entrepreneurism is the ability to adapt and move forward. GoDaddy's research shows that the owners of the world's smallest businesses are demonstrating perseverance and resiliency as they plan for today and for their future."
- Helping your business to survive through Covid-19 and beyond (opens in new tab)