More than two-thirds of UK SMEs seem to believe they can return to pre-coronavirus levels at the start of 2021, according to new research from Starling Bank and the Great British Entrepreneur Awards (GBEA).
Having polled over 300 UK SMEs, it found that 68% shared the sentiment and that 75% were more confident in their ability to bounce back now than they were in July.
The neobank also highlighted that 39% businesses had altered their business line to remain relevant and survive after Covid-19 hit. Those initiatives included pushes to go online, introducing digital products and delivery services.
Still, 63% had suffered a decline in revenue and 19% had had zero profit at all during lockdown. Moreover, almost a third of business owners said they had been forced to tap into their own money to stay afloat and a third had had to furlough staff.
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