Small Businesses

Woman at Business Meeting

Close to half of all UK small businesses are now back trading at the same level that they were before the Covid-19 pandemic started, according to the latest research.

This study was carried out by Starling Bank and Enterprise Nation, and it found that 43% of small firms had already returned to pre-Covid-19 trading levels. A further 30% of them – which adds up to almost one third – said that they were actually trading at a higher level now than February last year, just before the crisis hit.

Although the survey also found that 40% of small firms are still battling to recover from the impact of the pandemic, only 5% of them stated that they were worried that they might never get back to where they were before it.

There remains plenty of support available for companies trying to recover, such as from accountants in Goole and other parts of the country who can help with reducing costs or finding investment.

The majority of small firms that participated in the study – 65% – stated that they expect to have a good year in 2022, with just 3% of them indicating that they doubted their ability to cope with issues like rising costs and shortages.

The survey also found that the year from March 2020 to March 2021 had seen the launch of over 810,000 small businesses, the highest number on record. This contradicts the belief that the pandemic has reduced enthusiasm among people in the UK to run their own businesses.

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