Riding the rollercoaster: Insights from SMEs
In a year like no other, ‘unprecedented’ has been the mot du jour for most of 2020. Business owners have been facing some of the most challenging conditions they’ve ever experienced, with uncertainty all around.
We’ve pledged to support the #leavenobusinessbehind campaign – an industry-wide accounting and business initiative focused on ensuring every SME has the support they need. As part of this commitment, in November we spoke to SME business owners from across the UK, to find out how they were doing; from the impact of the pandemic; to how they’re preparing for the future.
The themes that emerged re-iterate that SMEs have been particularly hard hit by the shockwaves – both in terms of unexpected trading conditions but also the personal impact on business owners and the pressures they’re under.
Whilst over half (54.4%) of SME owners feel confident about their position for the months ahead, could the relief of the Government support that 52.5% of owners have accessed, be providing rose-tinted glasses and temporarily masking the situation? The fact that more than two-thirds (62.3%) of business owners have failed to re-forecast as part of new measures when tackling Covid-19 trading conditions suggests this may be the case.
Whilst for some it’s a ‘wait and see’ situation, for others it’s a time to be pro-active and they’ve embraced new measures including scenario planning and investing in the professional expertise of both business advisors and finance professionals to help steer their business to safety.
Don’t miss your opportunity to find out what your peers think, what’s working for them, whether they share your concerns and what actions you should be taking right now.