March 31, 2020
Only six in ten small businesses confident they will survive the COVID-19 crisis
Coronavirus business tracker, April 1st 2020
The vast majority of medium and large businesses (91%) plan to permanently change their business practices as a result of the crisis.
Our new coronavirus tracker for UK businesses shows the extent of worry among employers about the future of their organisations
As we know, the coronavirus crisis is negatively affecting the majority of small, medium and large companies, with smaller businesses suffering more through both decline in demand and revenue loss.
Almost three quarters (73%) of organisations with under 250 employees said their business has already felt a negative impact, compared with 69% of larger firms. Two thirds (67%) of small businesses have seen a decline in demand for their products and services compared with just over half (53%) of their larger counterparts.
They’re also taking a bigger financial hit at the moment: 46% have already seen a decline in revenue versus 38% of large and medium companies.
What happens next?
In terms of the steps businesses are taking to mitigate the crisis, one third (32%) of medium and large businesses have already reduced staff hours in an attempt to offset the ongoing negative financial impacts of COVID-19. Amongst small businesses, the primary response being considered is furloughing staff as part of the government’s Coronavirus Job Retention Scheme (29%).
Looking to the future, the vast majority of medium and large businesses (91%) plan to permanently change their business practices as a result of the crisis.
Increasing remote working options will be the primary response with two in five (40%) decision makers at medium and large businesses saying they expect to do this in the future.
Savanta’s bi-weekly coronavirus business data tracker asks small business owners as well as business decision-makers in larger organisations how they are managing as the world struggles to get to grips with the COVID-19 pandemic.
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