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Silver Level Contributor
Small businesses need more than financial aid to beat coronavirus.

If the business landscape this century was defined by the financial crash in its first decade and by Brexit in the second, just three months into the 20s we might well be living through the defining moment of the century.

COVID-19 is not only an incredible global health challenge, but an overwhelming economic one. Plummeting markets are one thing – they will hopefully recover in the months to come once the outbreak peaks – but without the right aid from government, larger enterprises, philanthropists and business organisations, small businesses will face a far more challenging recovery. 

New figures released by Small Business Britain this week found that small businesses almost universally expect a significant decrease in their revenues due to the coronavirus – and more than nine out in 10, do not have insurance in place to protect against losses.

In an online survey of more than 1,000 businesses, almost three-quarters said they expect their revenues to reduce by more than 50% as a result of COVID-19 disruption. A further one in five expect a reduction of more than 20%.

The concerning figures come in the wake of the Government’s latest social distancing advice around the coronavirus, encouraging the public to avoid non-essential contact.

Published in Elite Business: Written by Michelle Ovens on Thursday, 19 March 2020. Posted in InsightAnalysis

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