While COVID continues to devastate the small business landscape, based on a recent Alignable Pulse poll, veterans who own small businesses appear to be making more progress toward recovery than their peers.
Conducted among 8,092 small-business owners in October, the latest poll shows greater optimism, resilience and recovered revenue among the women and men who left the battlefield to embark upon the American Dream.
This is certainly welcome news as the U.S. Small Business Administration celebrated Veterans Small Business Week, which started Nov. 2.
While 65 percent of the veterans say COVID continues to negatively affect their businesses, the survey shows veteran-owned businesses are making strides despite their challenges. For instance, 75 percent of veteran-owned businesses will pay their rent in full and on time in November, compared to only 68 percent of their peers. Sixty-nine percent veteran-owned businesses are fully open versus 62 percent of others nationally and 61 percent of veteran-owned businesses report having cash reserves to cover at least three months. Only 50 percent of small businesses nationwide have that kind of cash on hand. And 38 percent of veterans say they’ve matched or exceeded their pre-COVID monthly revenue, in contrast to 31 percent of other small businesses.
“Many business owners continue to fight hard to keep their operations going despite countless COVID issues,” said Alignable CEO and co-founder Eric Groves. “But amid this unparalleled struggle, it’s inspiring to see these determined, optimistic warriors forge what appears to be a stronger path toward recovery, leading the way for their local economies.”
Another poll finding highlights the positivity that propels many veterans. When asked, “What aspect of your financial recovery gives you the most concern?” veterans were 35 percent more likely to answer, “Nothing, everything is good,” compared to other business owners.
