The State of Small Business in 2020
In this report, FreshBooks shares how COVID-19 lockdowns, restrictions, and social distancing affected global small business growth.
Here’s What We Found
If there’s one area that’s benefited from millions working from home, it’s construction. Despite initial downturns early in the pandemic, the construction sector recovered faster than average. Check out the findings:
Construction Sector: A Cut Above the Rest
If thereās one area thatās benefited from millions working from home, itās Construction. By the summer, this sector consistently performed above historical averages.
Spending: Predictably Down Across the Board
With stay-at-home orders or other restrictive measures, total expenses decreased for SMBs, specifically spending on meals, travel, and gas.
Global Impact: A Challenging Year for All
The global SMB economy is struggling to get back to historical averages. However, the U.S. SMB market recovered faster than the rest of the world.
