Over a third of small businesses “unsure” if revenue to go back to pre-pandemic levels
A survey from Tide reveals rebuilding a customer base as the biggest challenge for operators.
Small businesses eligible to reopen last 12 April are concerned about revenue returning to pre-pandemic levels, according to a survey by business financial platform Tide.
Specifically, 37% of small businesses are unsure about when revenue will return to pre-pandemic levels with over 20% stating it could take over 6 months. One in ten (14%) believe it will take over a year to return to pre-pandemic levels.
Tide surveyed 325,000 of its members in the hospitality, retail and beauty and wellness industries to understand “how they were feeling about reopening their businesses.”
The key concern for small businesses is the time it will take to rebuild customer bases. Of those who stated it will take more than three months to bounce back, nearly three quarters (72%) cite this as the main reason. The second most common concern is the need to adapt businesses to meet COVID safety regulations.
Despite concerns, 90% of small businesses eligible for reopening are ready to do so as soon as they are able.
70% of businesses in the hospitality, retail and beauty and wellness sectors expressed confidence their businesses will see some growth, compared to their pre-COVID position, by the end of 2021.
When asked what kind of support would help them to make reopening successful, a third (32%) said that free or subsidised digital marketing would be the most needed. Rent relief and business rate relief were also popular options, with 25% and 20% citing this as the most helpful support respectively.
