UK SMEs shared when they expect to fully recover from COVID

The bank has surveyed over 300 UK SMEs across different sectors

UK SMEs

UK SMEs shared when they expect to fully recover from COVID. Source: shutterstock.com

Starling Bank has found that 80% of UK SMEs are confident they will recover from COVID-19.

Besides, 68% of the business owners questioned believe they will return to pre-COVID-19 levels or better by 2021.

The report highlights that many SMEs are feeling positive about the future and their ability to bounce back. In fact, 75% of business owners reveal they feel more confident than they did a month ago.

The adaptability of SMEs is a key factor in this sentiment. For instance, 39% of companies are changing their line of business to survive the impact of the crisis. A lot of them have shifted their business model by going online, prioritizing digital products, and setting up delivery services.

Nevertheless, COVID-19 has brought worrying time for SMEs. For example, 20% of business owners said they have considered closing. Meanwhile, 63% have seen a decline in revenue, with 19% making no profit at all during the lockdown.

It turned out that many business owners have had to make tough decisions during the crisis. This way, 30% used their own money to keep the business afloat, whereas 33% were forced to lay off staff.

In addition, 21% were not sure they could pay their bills each month.

Small businesses are essential to the nation’s efforts to build back the economy as we emerge from the coronavirus crisis. Despite the challenging conditions they face, it’s heartening to see that many are proving so adaptable and resilient
Anne Boden, Founder and Chief Executive of Starling Bank

We’ve reported that 54% of IT leaders had faced disruptions with their software, productivity, or collaboration tools after the shift to the remote work model.

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