As the lockdown restrictions ease, the Government has given more businesses the green light to start operating again, provided they can observe the necessary social distancing and infection control measures.
There’s a temptation in responding to the COVID-19 events as organisations and economies seek to recover, that the sole focus is the financial imperative.
90% of UK SMEs are waiting to be paid for work done since March 2020, according to research by fintech business lender Market Finance
2020 has brought SMEs their biggest ever challenge to date. The coronavirus pandemic threatens their existence as economies adjust to the financial turmoil started by this invisible enemy.
Recent research by Bottomline into the thorny area of late payments shows that 92% of financial decision makers admit to having paid suppliers late.
COVID-19 has turned the worlds of small businesses upside down. So much so, that even before lockdown commenced, hotels and bars were seeing revenue drops of 50-60%.
COVID-19 continues to threaten the survival of many small businesses.
The gradual easing of lockdown restrictions will give business owners hope that some of the most challenging trading conditions in recent memory are behind us.
The coronavirus lockdown is turning into an endurance test for everyone but it is especially difficult for the business community who must contend with the financial shock caused by the enforced interruption of trade and the continuing uncertainty.
Now is undoubtedly one of the most challenging and uncertain times to be a small business owner.