Regions Next Step, Regions Bank’s financial education program, recently surveyed small business owners and found that nearly half (46%) have invested more money in their business amid the financial pressures created by COVID-19.
Technology and e-commerce platforms are the leading areas of increased investment, with 18% of small business owners saying they have invested in these areas. Of those, 38% of these businesses were within the finance, accounting, consulting and insurance industries.
The survey, conducted in September of business owners with 100 employees or less, also showed that small business owners are investing more in marketing and advertising, as well as product inventory and supplies, with 12% indicating they have increased investment in these areas.
The Regions Next Step survey was part of a national online survey that took place between Sept. 3-9 and reached 503 adult U.S. small business owners.
“With business success tied to the ability to withstand financial challenges, many business owners have had to adjust to this new environment,” said Joye Hehn, Next Step financial education manager for Regions. “Reviewing the business’ financials within the current landscape can help in identifying ways to fine-tune operations and opportunities that could help propel the business forward.”
Regions is hosting an upcoming webinar, Steering Your Business Towards Success in the New Normal, on Nov. 10. For more information on the webinar and other resources, visit Regions.com/NextStepforBusiness.