All businesses took a hit at the onset of the pandemic, but for many midsize companies, the impact felt like a head-on collision.
A recent SMB Group survey measuring the initial scope of disruption on small to midsize companies had a staggering 75% of respondents saying COVID-19 negatively impacted their business. That’s a sharp contrast from a digital transformation study conducted a year ago when 64% of small to midsize businesses said they were optimistic about revenue growth.
But despite the unfavorable outlook, midsize businesses quickly made adjustments necessary to navigate the unprecedented landscape. In the same SMB Group survey, co-sponsored by Workday, 83% say cloud-based business applications have been valuable in sustaining the business during the pandemic, and 34% say COVID-19 accelerated their technology investments and adoption. As much as 67% of respondents say they expanded or established a new work from home program due to COVID-19, and 57% say they plan to increase their budget to support working from home over the next year.
That’s indicative of a key way midsize companies can navigate a path to recovery: ensure they have agility in their talent and technology.
“Sometimes we embrace change, and sometimes we’re forced into change,”
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