Research shows NH companies face challenges but are optimistic about the future |

Research shows NH companies face challenges but are optimistic about the future |

Nearly two-thirds of respondents believe that resiliency planning will be very important or somewhat important to their business in the future. Only one in six respondents say their business had a resiliency or continuity plan prior to the COVID-19 pandemic, but another fifth of respondents say their business has developed one since. One in five businesses have some employees working remotely, unchanged since June 2020, with larger businesses more likely to do so.

The average respondent’s business has just 12 employees. Nearly half say they have the same number of employees as they did in February 2020, while three in eight report having fewer employees. Nearly half of respondents say their business has reduced hours of operation since the pandemic began, and one-third have closed temporarily. Half of those who closed temporarily say they did so for one to three months.

Seventy percent of respondents say their monthly revenue decreased as a result of the pandemic, down from 83 percent in June 2020. The good news is businesses are more confident than they were last year. Seven in 10 are confident the state’s economy will recover to pre-pandemic levels within 12 months.

Respondents frequently cited renewed access to customers, health and safety guidance, financial assistance and employees’ access to the vaccine as key to their business’s future. This article is being shared by a partner in The Granite State News Collaborative. For more information visit collaborativenh.org. Majorities also are concerned about supply-chain disruptions, access to capital, cybersecurity, timely payment of bills and energy costs.

As in June 2020, maintaining sales, revenue and customers are the biggest concerns of respondents during the recovery, followed by concerns about the availability of the COVID-19 vaccine for employees and public acceptance of the vaccine. While 19 percent of respondents say that their business is better off financially than they were in June 2020, 35 percent say they are in about the same position financially, and 42 percent are worse off. Businesses in health care, social assistance and manufacturing are more likely to say they are better off.

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