The Hartford 2013 Small Business Pulse Survey: Storm Sandy
The Hartford 2013 Small Business Pulse:
Storm Sandy
The Hartford 2013 Small Business Pulse Survey: Storm Sandy was developed by The Hartford to reveal the challenges that impacted small business owners faced during Storm Sandy and key lessons learned. A total of 451 small business owners were interviewed in affected areas of New York, New Jersey and Connecticut between January 3, 2013 and February 13, 2013.
Storm Sandy: The Aftermath 71 percent of impacted small business owners experienced a power outage as a result of Storm Sandy
52 percent of impacted small business owners experienced loss of sales or revenue
52%
$
71%
Top challenges for small business during or after the storm were:
65%
44%
47% Customer issues
CLOSED
Employee issues
Supplier issues
Approximately three-quarters of respondents
CLOSED
CLOSED
DELIVERY
had to close their businesses for a period of time following the storm.
OPEN
And more so in New York and New Jersey, than in Connecticut.
81%
78% New York
64% New Jersey
Approximately one-third of impacted small business owners said that they were impacted significantly and 64% said they were impacted somewhat.
Connecticut
More male small business owners reported that they were significantly impacted compared to female small business owners.
36%
Impacted Significantly
42%
Significantly Impacted
64%
28%
Significantly Impacted
Impacted Somewhat
Among those who had to close their business,
44 percent reported that it took
seven days or more to open their doors again.
1 day or less
9%
4-6 days
3 days
2 days
16%
7 days
14 or more days
15%
6%
21%
17%
13%
8-13 days
Preparing For When Disaster Hits In preparing for Storm Sandy, impacted small business owners: Created backup copies of critical data and programs
25%
Prepared an emergency kit with essentials
20%
Protected their buildings from the elements
20%
Protected vital business records
17%
Created an updated list of emergency contact numbers
15%
Enabled records and data to be accessed at other locations
15% 14%
Purchased a generator 0
5
10
15
20
25
Despite the notable impact of the storm,
87 percent said that they were equally or better prepared than other impacted small business owners.
Prevailing in the Months Ahead In order to recover from Storm Sandy, financially impacted small business owners are taking the following actions:
35%
32%
Adjusting their business strategy
$
25%
Cutting costs this year
Stop/scale back hiring new employees
When asked what advice they would give other small business owners based on their own experience with Storm Sandy, impacted small business owners suggested the following:
Review your property insurance coverage
23%
Invest in a generator
21%
Create a backup of important records
Develop a business continuity plan
15%
14%
For more information on how small business owners can weather the unexpected, visit www.thehartford.com/smallbizahead Copyright © 2013 by The Hartford. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
Storm Sandy
The Hartford 2013 Small Business Pulse Survey: Storm Sandy was developed by The Hartford to reveal the challenges that impacted small business owners faced during Storm Sandy and key lessons learned. A total of 451 small business owners were interviewed in affected areas of New York, New Jersey and Connecticut between January 3, 2013 and February 13, 2013.
Storm Sandy: The Aftermath 71 percent of impacted small business owners experienced a power outage as a result of Storm Sandy
52 percent of impacted small business owners experienced loss of sales or revenue
52%
$
71%
Top challenges for small business during or after the storm were:
65%
44%
47% Customer issues
CLOSED
Employee issues
Supplier issues
Approximately three-quarters of respondents
CLOSED
CLOSED
DELIVERY
had to close their businesses for a period of time following the storm.
OPEN
And more so in New York and New Jersey, than in Connecticut.
81%
78% New York
64% New Jersey
Approximately one-third of impacted small business owners said that they were impacted significantly and 64% said they were impacted somewhat.
Connecticut
More male small business owners reported that they were significantly impacted compared to female small business owners.
36%
Impacted Significantly
42%
Significantly Impacted
64%
28%
Significantly Impacted
Impacted Somewhat
Among those who had to close their business,
44 percent reported that it took
seven days or more to open their doors again.
1 day or less
9%
4-6 days
3 days
2 days
16%
7 days
14 or more days
15%
6%
21%
17%
13%
8-13 days
Preparing For When Disaster Hits In preparing for Storm Sandy, impacted small business owners: Created backup copies of critical data and programs
25%
Prepared an emergency kit with essentials
20%
Protected their buildings from the elements
20%
Protected vital business records
17%
Created an updated list of emergency contact numbers
15%
Enabled records and data to be accessed at other locations
15% 14%
Purchased a generator 0
5
10
15
20
25
Despite the notable impact of the storm,
87 percent said that they were equally or better prepared than other impacted small business owners.
Prevailing in the Months Ahead In order to recover from Storm Sandy, financially impacted small business owners are taking the following actions:
35%
32%
Adjusting their business strategy
$
25%
Cutting costs this year
Stop/scale back hiring new employees
When asked what advice they would give other small business owners based on their own experience with Storm Sandy, impacted small business owners suggested the following:
Review your property insurance coverage
23%
Invest in a generator
21%
Create a backup of important records
Develop a business continuity plan
15%
14%
For more information on how small business owners can weather the unexpected, visit www.thehartford.com/smallbizahead Copyright © 2013 by The Hartford. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.
