Updated: Apr 30, 2020
The verdict is in! As micro entrepreneurs and small to mid-size business owners, you are a resilient lot. Despite being the hardest hit, a survey of your peers found almost two-thirds of you are as motivated as ever to drive past the COVID19 devastation of your business.
La Maison des Entrepreneur, an entrepreneurs’ hub and network in France, just had its survey findings of SMEs/SMBs and micro entrepreneurs published with some telling insights.
The flash survey, ran between 15 and 19 April in the midst of the COVID19 lockdown, received 312 responses from your French counterparts. Here is the breakdown of who they are, with annual revenues ranging from less than half a million to over 100 million euros:
Slightly more than 18% employ over 100 employees
38% employ between 10 to 100 employees
34% employ less than 10 employees
About 10% are self-employed
Losing Huge and Working More, But Still Motivated
It was no surprise to find more than 63% of you reporting a drastic decline of over 50% in revenues. Among them, 13% reportedly experienced 90% or more in losses, in the period leading up to and during the pandemic lockdown.
It can be expected that your five topmost worries are about staff morale (40%), getting new business (39%), maintaining a daily cash flow (35%), losing customers (31%) and your company’s ability to survive (27%).
Working at home, with or without temporary closure, makes very little difference for you. In fact, you probably can relate with 70% of your peers who reported working more than usual, and quite a portion working round the clock.
Yet, what's amazing is 62% of you remain positively motivated to drive past your company’s crisis, with half of that even excited about new possibilities. The most telling is that none of the survey respondents were entirely pessimistic about their chance to recover despite knowing it will be a rather steep hill back up.
Resilient and Also Pragmatic, Expecting to Embrace Deep Changes
If anything, you expect deep changes in the near future and are convinced you will make and embrace them. For you, COVID19 has brought about profound and long-lasting implications, but not necessarily all bad, just different.
Among these changes, 64% among you cited new ways of working e.g. remote work (no surprise there); 55% alluded to new business opportunities; and over 45% said a re-adjustment of company strategy. For 41% of you, the changes will be about reinforcing digitalization while for 34% of you, they are about giving new meaning and purpose to your business.
These insightful findings speak to your hardiness and courage as entrepreneurs and small business owners. It reminds me once again why I find such energy working with startup and small business leaders in the first place; and why I got busy creating a couple of new services to support your growth comeback post-COVID.
From experience, almost all the long-lasting changes mentioned are connected: the new ways of working, new business opportunities, readjustment of company strategy and reinforcing digitalization. They all boil down to one strategy for a strong recovery from COVID and beyond – to become a digitally savvy business!
A digitally savvy business strategy requires a mindset shift and a culture change to doing business. But your resilience and perseverance have proven that you are up to it. Learn how here. You just need the right strategic expertise and support to get going.
In solidarity with your efforts during these challenging times, I've designed four on-demand service offers to work with you in innovative ways and re-build your comeback.
"Solidarity in COVID" - Valid Till 31 May
A "safe executive space" of 90-mins for half the usual rate to explore quick turnaround ideas and possibilities, helping you get clarity for actionable next steps. Sign up and get 50% off instantly with the code RESILIENCE before the offer ends!
An introductory offer for a personalized micro-workshop via an online lab of 3 hours, dedicated to your business and your team. Designed to help you lead your management team in building a new growth strategy for a solid comeback within 3 to 5 lab sessions, depending on your team, business and goal over 12 to 24 months. Book a FREE Zoom consultation to find out more.
A 1:1 coaching and mentoring session of 90-min windows to support your marketing team leader in a time of disruptive change and ambiguity. Get him or her an instant sounding board for your digital marketing or product marketing plan, or an impartial perspective on your new go-to-market strategy or brand re-launch. Book a slot and add on as needed. Get 20% off instantly with the code COMEBACK for as many sessions as you need till end May.
A comprehensive program to support you and your team in taking your business vision and strategy right into execution. It combines a framework of consulting, 1:1 and team coaching, as well as training, working templates, mentoring and technical advisory in marketing operations, change leadership and measurable performance.
Lead positively in the disruptive changes, be challenged with new possibilities, st