Poll reveals climate for SMEs

Research from Aldermore Bank shows that the average small firm believes it would only survive for four months if the UK was to enter another period of lockdown. The poll shows that if the economy were to continue in its current state, 26% of small firms could survive indefinitely, a 36% increase on April’s survey. The average SME says it has seen a 30% loss in monthly business income, this compares to 34% in April. It was also found that 18% of smaller firms have seen their business income decrease by more than 70%. The report also shows that 69% of SMEs have taken steps to increase income amid the pandemic, with 20% increasing the amount they communicate with customers and clients, 19% moving more of their business online and 10% diversifying into a new market. While many have sought to boost income, 67% have cut costs to help cover losses, making an average saving of 25% on business expenditure.Source: Daily Mirror (30/09/2020)