7 out of 10 of SMEs are feeling more optimistic about 2021 due to Covid-19 vaccine, reveals survey

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14th January 2021 15:54 - Business Support

7 out of 10 of SMEs are feeling more optimistic about 2021 due to Covid-19 vaccine: A survey of SME business owners has revealed that seven out of 10 are feeling more confident about their business going forward in 2021, due to the rollout of the Covid-19 vaccine.

The survey by the Great British Entrepreneur Awards and Starling Bank, polled over 500 companies, finding that almost three-quarters of bosses are planning to get the vaccine themselves when it becomes available to them, with more than half saying they will also ask colleagues to get the vaccine.

The research also found that despite optimism due to the vaccine, two-fifths of SMEs (42%) believe they will need further financial support this year, with 13% prepared to apply for a loan, and 3% looking to borrow money from friends and family. Just 39% said they will be able to get through 2021 without a boost to their finances.

When it comes to confidence in how their business can perform this year, male respondents were found to be more confident than female business owners. While male respondents ranked their confidence level at 8.7 on a sliding scale from 0-10,  women were a little less optimistic, giving a score of 6.7. The type of business owned, however, may have a bearing on this rating.

The survey also looked at how entrepreneurs are investing this year, with 17% looking at upping marketing spend. Others said they would be focussing on better technology (16%), while 8% are looking to invest in staff and training.

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