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SME Confidence Devastated by Second Wave

SME Confidence Devastated by Second Wave

The latest wave of the COVID-19 SME Research Tracker shows that as outbreaks persist, revenues continue to fall with 78% of SMEs now reporting a decline due to the pandemic. This is the highest level reported since the inception of the research in early April.

 

Not surprisingly, the reinstatement of restrictions has worsened expectations in the short term, with just under 50% of businesses located in Victoria anticipating declining revenues over the next 4 weeks.

 

Consequently, there is an upward trend in the proportion of SMEs reporting to be very concerned about business survival rising to 72%, from 62% in the last wave.

 

There has also been a significant rise in job losses with 41% of SMEs reporting they have had to reduce their staff numbers compared to 34% only two weeks earlier. This has validated the extension to JobKeeper announced last week.

 

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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Formalise and manage your loan agreements online with Credi. Trusted by over 7,000 people worldwide. Takes minutes to set up

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Credi the #1 lending management platform for friends family & their business

Formalise and manage your loan agreements online with Credi. Trusted by over 7,000 people worldwide. Takes minutes to set up

Use Credi for FREE – for all loans up to  A$5000, $5000 / €5000,  £5000 . Loans over cost A$20, $20, €20,  £20  or other other local currency amounts (sales tax may apply).

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