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December 28, 2021
Small businesses that are recovering strongly and speedily from COVID-19 pandemic losses have a key factor in common — they’re digitally savvy. Small business funding platform Biz2Credit conducted a study to assess the degree of pandemic recovery across industries and found that, the extent to which small companies embraced digital technology or were already digitally advanced aided their post-pandemic recovery.
Biz2Credit Recovery Ranking for 2021 lists industries in order of their ability to bounce back from the disruptions caused by the COVID-19 pandemic. That is, whether they are in a stronger financial position or are struggling to stay afloat in the post-pandemic world.
Methodology
: The study considers small businesses with fewer than 250 employees and less than $10 million in annual revenues.
Key findings
Though small businesses across industries were affected by the effects of the pandemic, the study shows that some industries fared better than others. And it is likely that companies that lagged were just not as digitally savvy.
Businesses that have some catching up to do should consider incorporating technology solutions and increasing digital offerings to close any gaps, while also creating business opportunities and keeping the competition at bay.
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