Based on a new survey which interviewed 200 organizations, 91% of enterprises have been impacted by COVID-19 and expect the effects to continue for the foreseeable future.
A further 64% of respondents said that COVID-19 has impacted their capacity to serve their clients or customers. According to the businesses surveyed, the most significant business impacts have been:
- 31% highlighted delays with accounts receivables and related cash flow issues
- 20% identified a gap in back office service delivery
- 14% pointed to increased cost of operations
With cases spiking nationwide, experts expect the impact of this virus to remain until there is a vaccine. However, there are areas of distinct opportunity for businesses to overcome COVID-related obstacles, such as:
- 40% of business owners said they would look to increase outsourcing non-core business activities, such as finance and accounting, HR and payroll
- 56% said that in addition to outsourcing, they’re targeting initiatives to automate their processes
- 85% said they will try to digitize as much as possible
Prior to the coronavirus crisis, 57% of business owners said outsourcing these tasks meant they were able to focus on growing their business, while 59% said that it reduced cost and increased cash flow. These are two essential areas in the recovery process and the benefits to a small business who adjust quickly could be dramatic.
In this coronavirus world, small businesses have to run leaner, more efficiently, and need an even clearer picture of their organization’s financial health. Finding a reliable, affordable, expert outsourcing partner to help digitize and automate their business will ensure that as many businesses as possible manage this crisis and thrive on the other side.
How TAG™ can help
TAG™ provides cloud-based, pre-configured business infrastructure for all types of industries. Our experienced team of trained CFOs, CPAs, and accounting professionals believe all businesses should have access to the same technology, best practices, and expert services. Our process is efficient, secure, and accurate, allowing our clients to focus on growing their business.