Accountancy firm Clear Vision Financial Management conducted a survey to their clients and contacts to find out how they are continuing to cope with the ongoing impact of Coronavirus on their business.
Despite the effects of Coronavirus restrictions, none of the small businesses who responded to the survey have needed to close their business, with only 10% temporarily closing and 90% continuing to trade. 90% of respondents were also still feeling confident about the rest of 2020.
According to the survey of small business owners, 65% have accessed some form of Government initiatives such as a VAT deferral, bounce back loan, business rates holiday, furloughing staff or a small business grant. Despite the positive outlook 60% of the respondents have seen their turnover decreased during the lockdown period but with things beginning to ease they still feel hopeful for the future.
Sean Daniel, Managing Director of Clear Vision Financial Management said “Coronavirus has had a significant impact on small businesses. It is great to see that despite many small businesses seeing a decrease in turnover there is still positivity about the rest of 2020. As a small business ourselves, we have managed to continue to provide a seamless service to our clients”.