Small Businesses

Business Man

New research shows that the majority of the small and medium-sized enterprises (SMEs) in the UK are optimistic about bouncing back after the COVID-19 pandemic.

The study was conducted by Paragon Bank, and it found that over half of the SMEs that took part in it – 54% – had already seen their turnovers restored to what they were before the pandemic, or bettered them. A total of 22% told the survey that their current turnovers were higher than those of the pre-pandemic period, with a further 31% of participants stating that they felt sure they would equal their pre-pandemic turnover levels before long.

Out of all of the SMEs that Paragon Bank spoke to for its study, just one out of every seven indicated that they felt unsure how they would get back to the levels they were at before COVID-19 hit. Accountants in Goole or other areas may be able to help such companies devise business plans for recovery.

Nine out of every ten companies that took part in the study said that they were optimistic about their prospects, with SMEs being particularly hopeful. By late May, 92% of them stated that they were confident about bouncing back, compared to 86% being confident last September.

It is smaller firms with less than 100 members of staff that expect to recover most quickly, as 64% of these have already matched or surpassed their profits from before the pandemic. Among medium-sized firms with between 100 and 250 members of staff, 47% have achieved this feat.

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