90% of Small Businesses Prepare for Economic Downturn – But Remain Optimistic

Most small businesses (90%) have taken steps to prepare their businesses for an economic downturn. Despite this, many believe the climate remains predominantly favorable. And more than half (57%) admit to feeling better about the state of the US economy compared to a year ago. The statistics come from the 2020 Hiscox Small Business Owner Risk Outlook. The report reflects data compiled by the leading small business insurer, Hiscox. The research surveyed 1,000 small business owners in the United States. Of these, 60% of respondents cite attracting “new customers” as the principle reason for their optimism. While 51% of small business owners said they expect their profits to increase during the next 12 months.