SAN FRANCISCO, Jan. 27, 2021 /PRNewswire/ -- Veem, the online payment network for small-to-midsize businesses, today announced the release of its quarterly report, "The State of Small Business." The report, which surveyed over 1100 American small business owners, focused on Q4 business performance, 2021 economic confidence, needs from the Biden administration, staffing plans and 2021 business performance predictions.
Below are some key findings:
- 53% of small business owners said they need "more small business and financial support" from the Biden administration, in the form of forgivable loans and grants.
- The majority of respondents — nearly 58% — report their biggest lesson learned in 2020 is "the importance of making my business resilient and open to change." At 27%, the second most popular response was prioritizing customer retention and loyalty by "offering better product or service experiences."
- After a challenging year, 70% of small business owners feel a degree of confidence - ranging from somewhat confident to extremely confident - toward the economy in 2021.
- More than half of applicable respondents report they received 'no revenue boost' from the holiday shopping season. In contrast, only 10% of applicable respondents experienced a significant revenue boost.
"Small businesses are optimistic for a fresh start and stronger business performance, following nearly a full year of disruption and pivots in 2020," said Marwan Forzley, CEO of Veem. "While there are external factors out of their control, such as general economic performance and a surge of new COVID-19 cases, small businesses have a confident and hopeful sentiment toward 2021, with the majority predicting that they'll start to see improved business performance toward the second half of the year."
The latest survey is the third installment of the State of Small Business report series. To download "State of Small Business: Q4 Edition," please visit the Veem website.
Veem simplifies the way businesses send and receive funds globally. Trusted by more than 275,000 businesses in over 100 countries, Veem offers a suite of domestic and international payment services to establish and strengthen partner and supplier relationships. Veem's secure, trackable transactions combined with seamless integrations with popular business applications enable businesses to save time and money, while mitigating risk generally associated with international funds transfers. Veem is licensed and regulated in each country and state it serves.