National survey finds that threats to business revenue and the physical store are considered most damaging; 1 in 5 SMBs would shut down within 30 days if sales stopped completely
SAN FRANCISCO – September 27, 2017 – Womply, the leader in front office software for small- and medium-sized businesses (SMBs), today released the results of a national study ranking the most dangerous threats to American small businesses, and their preparations to cope with various business risks.
The study, which polled 2,261 small business owners in all 50 states, revealed that threats to company revenue and the physical store are seen as most damaging. Specifically, respondents said the five most impactful threats to their businesses would be:Major damage from a flood, fire, etc.
“American small business owners fear large-scale events that would result in massive property damage or serious interruption of cash flow,” says Womply spokesperson Brad Plothow. “Local, independent businesses can’t absorb huge costs as effectively as larger corporations, and revenue is always top of mind. These concerns shape how Main Street entrepreneurs perceive business threats.”
In addition to ranking top threats, the study also looked at how much financial runway small businesses have, how they mitigate against threats, how resilient they are when bad things do happen, and which political or policy issues are most concerning. Read the full report here.
“Local commerce is a huge driver of economic value, so we need to understand how fragile the small business ecosystem really is,” Plothow says. “For small business owners, their companies are their livelihoods. There’s much more we can do to protect the nation’s vital small business community against threats that could undermine them or, in some cases, force them to close forever.”
Womply is a software-as-a-service (SaaS) provider to small and medium businesses (SMBs) and one of the fastest growing software companies in America. Our mission is to use technology and data to grow, protect, and simplify small business. Every day we serve over 100,000 merchants across 400+ business verticals, in every corner of America. To learn more, visithttp://www.womply.com or email firstname.lastname@example.org.
Head of Communications