The bank has surveyed over 300 UK SMEs across different sectors
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.
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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