Veem, a global payment network for small-to-midsize businesses, has announced the release of its quarterly report, State of Small Business: Q3 Edition: Pre-Holiday Snapshot. The report, which surveyed more than 900 small business owners, focused on a wide range of topics, including 2021 economic confidence, supply chain strategy and plans for the future ahead of the holiday season.
Below are some key findings:
- Over 53% of small business owners said they’re expecting increased economic activity next year compared to 2020
- A total of 60% of small business respondents report their international partners to be important for their business.
- The top three actions that small businesses report taking were decreasing operational costs (50%), protecting cash flow (41%) and applying for loans (27%)
“Following one of the most tumultuous years in recent history, it’s encouraging to see entrepreneurs across the country are hopeful for a stronger 2021. This is a true testament to the resilience of the small business owner,” said Marwan Forzley, CEO of Veem.
“There is no question that this year served many purposes. 2020 has tested businesses across industries and offered many lessons in how to grow, pivot and adjust in the face of new challenges. With those lessons in mind, small business owners are hopeful for a strong holiday season and a great setup for 2021.”