Nearly half of SMEs in the UK are concerned about the immediate business viability amidst the current pandemic, according to a poll from networking organisation, Vistage.
UK SMEs were polled about their most pressing business worries following the government’s strict social distancing measures in light of the Covid-19 pandemic. 44.9% of respondents indicated concern for business viability given the current climate.
24.7% of participants are most anxious about maintaining staff levels, while 19.1% listed impact on supply chain as their most pressing concern. Only 11.2% of those polled expressed no immediate worries.
The Twitter poll of Vistage’s 4000+ followers was conducted following the latest statistics published by the Office of Budget Responsibility (OBR) predicting that the UK economy could shrink by 35% due to the current Stay at Home measures, the largest single year deficit since the Second World War.
The organisation said its snap poll illustrates the concerning outlook held by of a majority (89%) of UK small and medium-sized business firms which believe the UK lockdown will have a profound effect on various areas of their company.
Roger Martin-Fagg, Vistage’s in-house economist and strategist, said: “2020 is proving to be a particularly challenging year for small- and medium-sized businesses. In order to combat the immediate struggles, it’s important business leaders try to remain as nimble and agile as possible in order to initiate change quickly, in accordance with changing government regulation, keeping abreast with evolving client needs.
“At the best of times, running your own business is challenging. It’s important for business leaders to prioritise their mental wellbeing and give themselves room to evaluate the situation so they have the presence of mind to make smart, informed decisions.”