A new survey of SMEs conducted by Purbeck Insurance Services shows that around one third of small businesses managed to weather the COVID-19 crisis without any help from the government.

The results of this survey reveal that 29% of the SMEs that took part did not make use of any of the support schemes for small businesses. Furthermore, it also found that 31% of them remain confident about their future prospects, while 17% consider themselves to be very confident about them.

On the other hand, 16% of those surveyed stated that they were pessimistic about the future, with 10% being very pessimistic. 26% of participants described their feelings about the future of their businesses as being neither optimistic nor pessimistic.

When it comes to employees, the survey found that many are hopeful about their futures because their bosses maintained communication despite the lockdown. Indeed, 80% of employees told the survey that the owners of the companies they work for had kept them informed about the financial state of the business.
On the other hand, 14% revealed that their boss had refused pay them during the crisis and 18% said that their boss had reduced his or her pay.

Todd Davison of Purbeck told Accountancy Daily that:

“Transparency creates trust, making staff feel included and valued but it also helps them understand exactly what’s at stake for the owners of the business.”

SMEs reluctant to seek government help could ask a business accountant in Goole or wherever they are located for help with financial management.