80% of SMEs are 'confident' they will recover from impact of Covid-19, reveals survey

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17th September 2020 17:05 - Business Support

80% of SMEs are 'confident' they will recover from impact of Covid-19: A survey of 300 SMEs has revealed some positive insights - with 80% of respondents saying they are 'confident' that their business will recover from the impact of Covid-19.

The survey, conducted for Starling Bank and the Great British Entrepreneur Awards, also found that three-quarters (75%) of SME owners are feeling more confident about the future of their business than they were just a month ago. Almost seven in 10 (68%) revealed they are feeling confident that they can return to pre-Covid levels, or better, by 2021.

The research also highlighted the hard decisions business owners have had to make during the crisis. Three out of 10 SME owners (30%) said they have used their own money to ensure their company had funding, while a third (33%) have used the Government's Coronavirus Job Retention Scheme. More than a fifth (21%) said they have not felt confident in being able to pay for their business outgoings each month. 

Two-fifths of SME owners said that since the pandemic began, they have made 'significant changes'  in order to adapt. Changes made include increasing the company's online capabilities, prioritising digital innovation and organising deliveries to the homes of customers.

The mental health of SME owners was also looked at by the survey. It found that two-thirds of respondents said the impact of Covid-19 has caused them stress and they have had to rush decision making, while almost a fifth (19%) said that financial losses have impacted their mental health. 



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