The prognosis for many small manufacturing businesses during Q4 is not good according to an Alignable Pulse Poll of 6,300+ small business owners. Alignable is the largest online referral network for small business owners with over 5.5 million members across North America. Read the article in the recent issue of Manufacturing Outlook authored by industrial journalist, TR Cutler here.
The survey asked how much revenue small business owners expect to earn in Q4 2020 and how much they need to stay in business. Combining those answers, the data revealed that 42% of small businesses might be forced to close permanently before 2021. Drilling into the data, 38% of B2B firms could shut down in Q4.
Nearly two-thirds (63%) of respondents said they would apply for additional relief funding if made available. When the Coronavirus Crisis hit the U.S. in March, Alignable started tracking it, expecting it to rise and then fall as the country tackled this problem.
To get an understanding for just how bad things are in the small business economy right now, small business owners compared Q4 2019 revenues to what they anticipate for Q4 2020, and the percentage of those revenues they would need to attain to stay in business into 2021. The number one factor slowing recovery is low consumer confidence caused by the increasing Coronavirus cases.
About TR Cutler, Inc.
Thomas R. Cutler is the President and CEO of Fort Lauderdale, Florida-based, TR Cutler, Inc., the largest manufacturing communication firm worldwide with four dozen industry experts and thought leaders on staff. Cutler is celebrating the 21-year anniversary of the Manufacturing Media Consortium.
During COVID-19 Cutler is advising manufacturers, industrial leaders, supply chain professionals, and C-level executives how to best navigate Q1 2021 and beyond.
Cutler has authored more than 8,000 articles for a wide range of manufacturing periodicals, industrial publications, and business journals. Cutler is the most published freelance industrial journalist worldwide, and more than 4700 industry leaders follow Cutler on Twitter daily at @ThomasRCutler.
Company Name: TR Cutler Inc.
Contact Person: Thomas R. Cutler
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City: Fort Lauderdale
Country: United States