67% of businesses surveyed still feel confident about the rest of 2021
Research from Romsey and Poole based accountancy firm Clear Vision Financial Management shows that the majority of businesses felt confident for the rest of 2021.
Despite the impact of the pandemic still being felt, with national lockdowns only recently being lifted, 67% of businesses felt that they were in a stronger position in comparison to before Covid. A number of initiatives launched by the government have provided much needed support. With 25% taking a VAT deferral, a further 25% signing up for HMRC’s time to pay scheme and the rest making the most of the small business grants (8%), finance holidays (8%) and bounce back loans (25%).
With regards to the effect of the pandemic on turnover, 42% of businesses saw an increase in turnover and 25% stayed the same. 33% experienced a decrease in turnover.
The survey results also demonstrated that nearly half of the respondents had more than six months cash in the bank, with 77% having four months and over. The impact of Brexit had affected 50% of those that completed the survey, and more businesses hadn’t taken on any more staff. It was also interesting to note that everyone that responded was able to work remotely throughout the pandemic.
Sean Daniel, managing director said “Despite businesses being impacted by both the impact of Covid and Brexit, it is promising to see that so many feel confident about the year ahead. The vaccination programme in the UK has provided confidence to businesses that the risk of another wave and the subsequent disruption has been reduced. The various government schemes have also provided a much-needed cushion for businesses to come out of the pandemic and to pick up where they left”.
