{"id":53681,"date":"2020-09-29T08:22:04","date_gmt":"2020-09-29T13:22:04","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/?post_type=newsroom&p=53681"},"modified":"2023-02-28T14:04:08","modified_gmt":"2023-02-28T20:04:08","slug":"small-business-owners-need-advice","status":"publish","type":"newsroom","link":"https:\/\/www.hrblock.com\/tax-center\/newsroom\/small-business\/small-business-owners-need-advice\/","title":{"rendered":"H&R Block study reveals majority of small business owners need personal advice to recover from pandemic"},"content":{"rendered":"

\"Future<\/p>\n

KANSAS CITY, Mo. \u2014 A majority of small business owners say in the wake of the pandemic, they need one-to-one business advice. This is just one of the main findings in the first of a four-part study, \u201cSmall Business Recovery Series,\u201d by H&R Block tracking the trends of pandemic-related impacts, attitudes, and issues surrounding small business recovery and reopening.<\/p>\n

\u201cH&R Block has a long history of helping small business owners manage their tax and financial needs,\u201d said Jeff Jones, president and CEO of H&R Block. \u201cThe pandemic has had a devastating effect on small businesses, and we want small business owners to know they don\u2019t have to navigate these challenges alone. We\u2019re committed to providing the resources and guidance they need for their businesses to survive and ultimately thrive again.\u201d<\/p>\n

H&R Block\u2019s \u201cSmall Business Recovery Series\u201d study exposes how small businesses are fighting to survive, including:\"HR<\/a><\/p>\n

Recovery is slow:<\/u><\/strong> In fact, more than half  (56%) have experienced a slower recovery than expected after shelter-in-place orders began to expire, with nearly half of small business owners fearing they may need to shutter their business within six months if pandemic restrictions are not lifted or if shelter-in-place orders resume in the near-term.<\/p>\n

Survival requires adaptability:<\/u><\/strong> Yet despite fear of survival, owners are demonstrating resiliency and adaptability, with about a third (30%) creating products\/services to meet new needs and half (50%) of those with an online presence increasing their digital footprint to meet the moment. And, they\u2019re looking for help in making those changes \u2013 nearly 70 percent of female and 60 percent of male small business owners say they need one-to-one small business advice.<\/p>\n

They depend on their community: <\/u><\/strong>While small businesses continue to be important facets of communities, many small business owners have noted changes in their customers and worry that people will not be able to afford doing business with them. However, half of small business owners believe that there seems to be a renewed interest in \u201cshopping locally\u201d in their area.<\/p>\n

Year-Round Small Business Support<\/strong><\/p>\n

Every year, H&R Block supports the unique needs of more than 2 million small business owners as a year-round small business advisor, putting a financial lens on all aspects of a small business owner\u2019s business<\/a>. Through tax preparation, bookkeeping, and payroll services, the company helps small business owners increase their cash flow and profitability, identify ways to reduce expenses, understand fixed and variable costs, and more. Accounting, invoicing, payroll, and payment software solutions are offered by its subsidiary, Wave Financial. This includes Wave Money,<\/a> the first free combined banking, payments, and bookkeeping solution for small businesses and entrepreneurs, which launched in June 2020. Combined, all small business services offered by H&R Block empower small business owners to take control of their finances while creating more time to spend on their core business.<\/p>\n

Survey Methodology<\/u><\/em><\/p>\n