Coronavirus pandemic 'has already cost SMEs £277,000 each', research suggests

Research carried out by online marketplace Fiverr has suggested that the coronavirus (COVID-19) pandemic has already cost UK small and medium-sized enterprises (SMEs) £277,893 each.

The research was collected by polling SME owners in 19 UK cities, and revealed regional differences of opinion. Fiverr found that businesses in London are most positive about flexibility, with 66% appreciating the flexibility of compulsory remote working.

57% of businesses in Bristol stated that they feel more connected to their employees as a result of the COVID-19 lockdown, and 84% of employees have been enjoying closer connections with their family members.

64% of small firms in Newcastle reported feeling underprepared for the crisis, while 29% of UK small businesses plan on increasing flexible working options post-COVID-19.

However, an additional 64% of SMEs expect their revenues to decrease in the coming months as a direct consequence of the pandemic.

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Fiscalis was established in 2002 and today, we continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike. We have many clients in the local community and service businesses, small and large, across many sectors.

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27 Mar 2020

Research carried out by online marketplace Fiverr has suggested that the coronavirus (COVID-19) pandemic has already cost UK small and medium-sized enterprises (SMEs) £277,893 each.

The research was collected by polling SME owners in 19 UK cities, and revealed regional differences of opinion. Fiverr found that businesses in London are most positive about flexibility, with 66% appreciating the flexibility of compulsory remote working.

57% of businesses in Bristol stated that they feel more connected to their employees as a result of the COVID-19 lockdown, and 84% of employees have been enjoying closer connections with their family members.

64% of small firms in Newcastle reported feeling underprepared for the crisis, while 29% of UK small businesses plan on increasing flexible working options post-COVID-19.

However, an additional 64% of SMEs expect their revenues to decrease in the coming months as a direct consequence of the pandemic.

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