A poll issued by Vistage, the world’s leading business executive peer-networking and mentorship organisation, reveals that almost half of SMEs in the UK are concerned about the immediate business viability amidst the current pandemic.
UK SMEs were polled about their most pressing business worries following the government’s strict social distancing measures in light of the Covid-19 pandemic. 44.9% of respondents indicated concern for business viability given the current climate. A quarter (24.7%) of participants are most anxious about maintaining staff levels, while just under a fifth (19.1%) listed impact on supply chain as their most pressing concern. Only 11.2% of those polled expressed no immediate worries.
The Twitter poll of Vistage’s 4000+ followers was conducted following the latest statistics published by the Office of Budget Responsibility (OBR) predicting that the UK economy could shrink by 35% due to the current Stay at Home measures, the largest single year deficit since the Second World War.
The snap poll illustrates the concerning outlook held by of a majority (89%) of UK small- and medium-sized business firms which believe the UK lockdown will have a profound effect on various areas of their company.
Roger Martin-Fagg, Vistage’s in-house Economists and Strategist, said: “2020 is proving to be a particularly challenging year for small- and medium-sized businesses. In order to combat the immediate struggles, it’s important business leaders try to remain as nimble and agile as possible in order to initiate change quickly, in accordance with changing government regulation, keeping abreast with evolving client needs.
“At the best of times, running your own business is challenging. It’s important for business leaders to prioritise their mental wellbeing and give themselves room to evaluate the situation so they have the presence of mind to make smart, informed decisions."
Vistage is an executive coaching organisation where business leaders enhance their leadership skills and solve their most important business challenges. Members meet with their peers in group meetings, facilitated by accomplished executive-level coaches, to help solve their most complex issues. They receive additional perspectives from expert speakers and a global membership community.
For more information visit www.vistage.co.uk.