Report: Supply Chain Challenges Hit Small Businesses Hard | DC speed

Small and medium-sized businesses have faced widespread supply chain issues during the pandemic, and most say they expect those issues to continue into 2021, according to a survey by Umpqua Bank, based in Portland, Oregon, released Thursday.

Of the society Business Barometer 2021 surveyed 1,200 CEOs of small and medium-sized businesses across the United States. The study found that most companies are primed for growth amid the ongoing disruptions resulting from the pandemic, and that supply chain challenges top their list of key concerns going forward. “In addition to reporting transformational shifts in operations and strategy over the past year, middle market companies in particular are embracing the expectation of continued challenges and the need for continuous adaptation,” according to the report. ‘investigation. “And while growth is expected among small and medium-sized businesses, intense supply chain disruptions and competition for talent in the workplace pose significant challenges.” The study found that 88% of small and medium-sized businesses experienced at least some type of supply chain difficulty in the past 12 months. The most common difficulties include: inability to purchase the goods they need to run their business in a timely manner (24%); faced with longer delays when receiving goods (59%); and experiencing an increase in the price of goods (76%). Additionally, at least four in 10 small businesses and 55% of mid-market respondents said they struggled to find qualified employees, which could further contribute to global supply chain challenges, according to the authors. The survey also found that most companies have made “major strategic adjustments” in response to the pandemic; the majority of companies expect economic conditions to improve and revenues to increase after the pandemic; and most business leaders embrace a “continuous change” mindset, with around three-quarters of companies saying they expect to continue making “meaningful changes” to products and services.

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