• Home
  • Business
  • Cashflow and sales are small businesses’ biggest fears post-covid

[adning id=”12070″]

[adning id=”12070″]

Cashflow and sales are small businesses’ biggest fears post-covid

Business resilience

Impact on business revenue in the first half of 2020 has been significant, with 85 per cent of SMBs and 76 per cent of large businesses claiming an average decrease of 42 per cent and 27 per cent respectively, compared to same period last year.

The research found that SMBs have been more likely than larger business in having to close or stop operating temporarily as a result of the current crisis but the SMBs that remained open seem to be more resilient than larger businesses. Some 28 per cent of SMBs have had no change to their business operations whatsoever while only 11 per cent of larger businesses fell into this category. A further 13 per cent of larger businesses are fully open and have had an increase in their business, while only five per cent of SMBs experienced an increase.

Impact on employment

Most businesses are unsure or now see business being negatively impacted for an extended time period (nine-plus months). Where larger business has tackled the crisis by asking staff to take annual or long service leave (50 per cent) most SMBs’ (47 per cent) staff have been put on reduced hours to manage the rolling restrictions. Larger businesses have also shed casual staff at a greater rate (40 per cent) than SMBs (18 per cent).

The Challenge

The number one challenge concerning all businesses is cashflow and with concerns about how to increase sales a close second. Larger businesses are more likely to face challenges trying to make do with less staff, managing limited supplies and customers, while SMBs are more likely to find challenging balancing business with personal/ household responsibilities.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
Share on print
Print

Leave a Comment

Your email address will not be published. Required fields are marked *

SUBSCRIBE FREE
SME NEWS BRIEFS

Get breaking news delivered
  • This field is for validation purposes and should be left unchanged.

RECEIVE GOVT GRANT OF $10K to $250K*.

Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.