Eighty-two percent of UK SMEs have taken a financial hit due to the COVID-19 pandemic. Since the beginning of the pandemic, on average UK SMEs have lost just under £192,000 in revenue. With 13% losing £500,000 or more, according to new data from freelance platform, Fiverr.
The study, which surveyed over 1,000 UK owners and senior DMs in SMEs, reveals the Architecture, Engineering and Building industry suffered severely during the pandemic – £316,892 of revenue on average was lost. The data also reveals that Greater London is the region that lost the most money because of COVID.
Thirty percent of SME leaders surveyed say that they were negatively impacted by the pandemic but over half (52%) feel that the UK Government handled the Coronavirus pandemic well, while 29% felt the Government handled the pandemic badly.
Despite the challenges brought by COVID-19, it has not stopped the growth of UK SMEs – 42% have started selling to new regions.
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