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

22 Apr 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.