Business News: SMEs detail pandemic impact

Covid News - SME IMPACT

The Daily Telegraph recently reported that a poll of UK alumni of Goldman Sachs’ 10,000 Small Businesses programme shows that 99% believe they will survive the coronavirus crisis, assuming there are no other national lockdowns. The poll saw 64% say revenue had decreased, while 44% had reduced headcount and 75% had used the furlough scheme. Statistics show that 45% of firms have changed their business model due to the pandemic, with three quarters expecting this to be a permanent change.

iBOSS Business News Comment:

It seems to me that with large swathes of the country in practically Lockdown 2 these figures are only likely to increase even further. It seems clear to me that now more than ever, SME’s need to be seeking professional business advice from as many sources as possible. There is no silver bullet to the current situation, and this is still going to be a long-term problem for the vast majority of us. Even business consultants with a successful track record of helping businesses cannot wave a magic wand. Still, they may very well give you fresh ideas, an alternative business plan or business strategy as you advance. They may also help you look for ways to raise some additional business finance. An initial consultation is often free.

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