Micro businesses reveal pandemic impact

Posted on 17 Jun 2015
Share Blog Post
Microbusiness poll reveals coronavirus impactMicrobusiness bosses fear they can only continue trading for nine weeks due to the impact of the COVID-19 pandemic, a new poll shows. Three quarters of the 1,000 microbusiness owners polled are unsure how they will continue to keep their business afloat, with a lack of customers, cashflow issues and uncertain consumer confidence the most common areas of concern. The poll saw 46% of respondents say they have considered permanently closing their doors amid the crisis, while more than a third of owners have not paid themselves in a bid to cut costs and a further 28% have reduced their wage. The analysis also found that four in 10 microbusiness owners have utilised the Government’s coronavirus support initiatives, with more than a quarter using the furlough scheme and one in five applying for a Government loan. Just under a third have used personal savings to keep their enterprise afloat with a quarter using money from their current account.

View more blog posts

Finance difficulties for SME's
Posted on 08 Dec 2023
Finance difficulties for SME's
read more
Landlords looking to sell
Posted on 07 Dec 2023
Landlords looking to sell
read more
New self-assessment trap
Posted on 06 Dec 2023
New self-assessment trap
read more
UK SMEs consider spread of bank deposits
Posted on 04 Dec 2023
UK SMEs consider spread of bank deposits
read more
Back To Top
01604 660661