Small Businesses

Analysing Financial Data

A new survey of small businesses throughout the country carried out by Simply Business suggests that the cost of the COVID-19 pandemic will run into billions of pounds, but those businesses are determined to survive.

This survey indicates that the cost could be as much as £69 billion, through a combination of reduced revenues, earnings and available work. That would amount to £11,799 on average per small firm, with 67% of those that took part in the Simply Business survey stating that there had been a period since the pandemic first took hold in March when they had been forced to put their businesses completely on hold.

Significant percentages of business owners also expected that there would be periods within the next year when they would have to shut up shop, with 17% indicating that a further lockdown would be the death knell for their companies. Furthermore, 48% told Simply Business that a minimum of one year would be needed to make up the earnings that had been lost due to the pandemic.

The survey did reveal some more encouraging signs for UK small businesses as well though, as a massive 85% of owners remain committed to running their own companies, with many of them making use of new tech methods to stay afloat during the crisis, including 47% using messaging apps and 25% utilising online deliveries.

Furthermore, 75% expressed determination to ensure their businesses survived the current situation, and hiring a small business accountant in Goole or wherever a company happens to be based can help it survive tough economic times.

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