- 63% of small businesses report being negatively impacted by COVID-19,
- 12% say they are considering cutting costs through staff layoffs
- 41% have experienced a 50% or more decline in revenue in the past 1-2 months,
- 49% report maintaining adequate cash flow as a concern
- 37% saying working out how long they can remain viable is a major concern
- 32% report the health of their employees as a concern
- 21% are concerned about ensuring their staff have work
Research by QuickBooks Australia and conducted by YouGov has revealed just how much Australian small and medium businesses are being affected by COVID-19. The research conducted last week provides insights on how small businesses are really being impacted by the pandemic.
With small businesses amongst the hardest hit by the government shutdowns, many business owners are reeling during this uncertain time and wondering how they can navigate this new world order.
63 per cent of small businesses report they have been impacted by the virus, reducing or standing down staff, cutting back business hours and freezing non-essential services in an effort to remain in business.
The overwhelming majority of business owners and managers are concerned about the profitability of their business over the imminent and long-term future. 40 per cent have seen a decline in revenue of 50 per cent or more over the past 1-2 months, and 91 per cent say they are concerned about their business in the next 4-6 months.
The government’s recent stimulus package has provided some relief with 72 per cent believing government assistance and tax benefits are the best means of helping them persevere throughout the COVID-19 crisis.
When asked specifically about level of concern for profitability, half of small businesses (50 per cent) said they will be very concerned about profitability over the next 1-3 months, 53 per cent over the next 4-6 months and 51 per cent in 7 or more months
Nine out of ten businesses say they are concerned for their business in the next 4-6 months.
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