Phase 3 Business Resiliency Survey

Financial

Businesses’ financial outlook has improved. In June, 2020, more than four in five reported their monthly revenue had decreased as a result of the pandemic. Currently, just over half report that their revenue has been negatively affected by the pandemic. In an effort to control costs, one-quarter of respondents also said that their owners are working without a salary. However, nearly one in five say their revenue has actually increased.

When asked how they expect New Hampshire businesses will do in the upcoming year, 33% of respondents said the state’s businesses will enjoy good times financially, 10% think they will experience bad times, and 56% anticipate mixed conditions.

Supply Chain

Two-thirds of respondents report being affected a lot or some by supply chain issues in 2021. More than half say they have been affected by increased costs of goods and delays in sourcing from domestic suppliers while four in ten have been affected by higher domestic shipping costs.

Relief Programs

Nearly three-quarters of respondents say their business applied for COVID relief in 2020, just under half have applied in 2021, and just over half would consider applying if more relief funds were made available in the future. The Payroll Protection Program (PPP) was the most-used COVID relief program, with nine out of ten businesses receiving PPP aid.

Business Concerns

Respondents most frequently cite maintaining sales or revenue, a resurgence in COVID-19 cases, maintaining customers, supply chain disruptions, and public acceptance of the COVID-19 vaccine as things they are currently concerned about, while slightly fewer mention energy costs and cybersecurity.

Employees

Recruiting and retaining workforce remains a significant concern. Nearly half say they currently have the same number of employees as they did in February 2020, while three in eight report having fewer employees. Businesses are managing staffing recruitment and retention challenges by reducing open hours, allowing remote work, increasing efficiency or automation, or by offering increased compensation and one-time bonuses.

The survey results presented incredibly valuable insights into the challenges businesses faced throughout the COVID-19 pandemic and the data aided us in determining the best ways to help businesses.  Based on the success of the three Resiliency Surveys conducted, NH SBDC is strongly considering a similar follow-on survey with partners in 2022 so that we can all continue learning from and supporting NH’s businesses. 
- Liz Gray, SBDC

NH SBDC continues to offer highly individualized advising and education, at no cost to New Hampshire businesses, and our specialty programs in Cybersecurity, Resiliency, and Sustainability will provide targeted training on issues highlighted in the survey.