UK-based professional marketplace www.Bidvine.com has surveyed almost 500 of its service providers to uncover how lockdown measures have affected their business. Of the businesses on the platform, 65% are sole traders and 35% are small businesses with 2-3 employees.
Bidvine found that 50% of those surveyed have not requested help from the government, although a further 19% said they might be forced to if lockdown continues for much longer. Of the 30% that did seek out financial assistance, one in eight (13%) were denied any help.
When asked if they believed the government had done enough to support small businesses, 50% believed otherwise, citing that they should have provided more support for owners and directors of their own limited companies (44%) and increased Bounce-Back support (36%).
Almost two thirds (63%) revealed they are unable to live on the amount of money they are currently bringing in, with more than four-fifths (85%) stating their businesses are being negatively affected by the restrictions in place.
Those citing a negative impact on their business listed reasons for this, including a pause on customer orders (53%), a decrease in sales (36%), sales stopping altogether (35%) being furloughed (9%) and losing their job (9%).
Of the 9% who said covid-19 had positively affected business, 66% noted an increase in customer base and 16% had seen sales increase.
Finally, asked whether they believed their business would survive lockdown measures, 50% admitted their businesses were at risk of not surviving the pandemic.
The full report, including graphs to better represent the data, can be found here: https://www.bidvine.com/blog/half-of-the-uks-service-professionals-fear-they-wont-survive-lockdown/
Russ Morgan, Co-Founder of professional marketplace www.bidvine.com, said:
“This is a challenging time for all businesses, no matter how large or small. We have never before experienced anything like this and being able to adapt quickly and pivot business models and services is crucial for many needing to survive this testing period. We have been doing all we can to help small businesses in the service sector pivot their offerings online or providing social distancing advice for those offering in-person services. For those confused as to what help is available to them, we’ve published a resource for providers to assist them in navigating support the government is offering. Platforms like ours need to be doing all they can right now to help service providers survive lockdown measures; it would be awful to see so many hard workers lose their livelihood.”