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
Despite negative downturns early in the pandemic, small business growth in certain sectors have bounced back to historical norms. However, some regions are taking longer to recover…
Construction Sector: A Cut Above the Rest
If there’s one area that’s benefited from millions working from home, it’s 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.
