Snapshot: Trends in Small and Midsize Manufacturing Businesses
We looked at how manufacturers are adapting for current times and preparing for what’s ahead.
When the COVID-19 pandemic hit small and midsize businesses, many of them had to find ways to stay afloat. The fifth edition of our “Small and Medium Business Trends Report” details the specifics of some of their survival tactics, and shares small and midsize business (SMB) owners’ outlook on the future. While all industries faced challenges and constraints over the past year, manufacturing businesses navigated some particularly tricky terrain.
Unlike industries like tech and professional services, manufacturing demands a certain level of in-person, on-premises activity. As such, manufacturing SMBs haven’t been able to leverage digitization to ride out the pandemic as much as businesses in other sectors have. This is reflected in long-term planning: 65% of small manufacturing businesses said they plan on employees working in person over the long haul. That compares to just 45% across all other industries, on average. That said, small manufacturing businesses are leaning into technology where it can help, as suggested by trend #2 below.
We took a deeper look into the data from our fifth edition “Small and Medium Business Trends Report,” to learn more about how manufacturing businesses are adapting to the current downturn and preparing for what’s ahead.