The costs of Coronavirus to businesses in the South East
A survey of our clients and contacts has revealed that COVID-19 has cost small business owners in the South East more than just financial losses.
Although nearly 80% of businesses surveyed said that financial losses have been the biggest cost, the results show that the Coronavirus pandemic has had other significant impacts, including mental strain, lost customers and morale, and permanent staff redundancies. The survey also highlighted that many business owners were unprepared for the impact, with 65% either having no funds, or insufficient funds, to carry them through this difficult time.
As a result, 6% say they wish they were an employee, not a business owner. But, whilst it’s been and continues to be tough, 48% have said that they can see a future ahead. Many business owners have demonstrated great resilience, digging deep to ensure the survival of their businesses, with some even thriving during this difficult time, painting an optimistic view of the future for businesses in the South East.
We surveyed 104 of our clients and contacts and here are the findings...