COVID-19 Business Impact Survey findings report

Scene setting…

First of all, a big thank you! 83 members participated in the survey and we will be sending all of you a full copy of the report.

The objective of the survey was to provide a means to understand the financial health, customer impact and morale of our members and ecosystem under the ongoing Covid-19 Pandemic and gauge the effectiveness of the early response. 

The survey was carried out between 22 April and 6 May 2020 and questions were also designed to help us assess the optimum mix of support that will need to be provided over the remainder of the lockdown and as we emerge into a new, changed operating environment.

The Key Takeaways…

The emerging picture is overwhelmingly negative although 35% of respondents have seen little or no impact and in a small minority of cases impact on business growth has been positive. The financial situation is becoming difficult for over a third of companies with many in a critical condition and several entrepreneurs considering or seeking alternative employment.

Most early stage businesses do not have employees, so redundancy is not an available option. Half of businesses appear to be falling though the safety net although the recent introductions of the Small Business Grant Discretionary Fund and Self-Employed Income Support Scheme have helped.

The crisis has adversely affected morale in nearly three quarters of businesses. Half are anticipating and planning for sector downturn to continue for a minimum of 12 months. In most cases, a significant revenue drop has driven re-planning. Only 20% have not changed plans.

SETsquared mentors and the Gov.uk website are the most frequently mentioned sources of support although accountants, other networks, Innovate UK and HMRC are also all well-used. Many respondents also access their own peer networks. 94% of respondents needed help with direct financial intervention, ideally in the form of grants.

So…how can we help?

• Mentor support is valued and developments underway will help our members access it more easily

• Business continuity advice and support for targeting grants and grant-writing advice needs to be prioritised and will be

• There are few trusted advice channels and as one of them, we can help with signposting the right funds, investors and resources

• We are changing the delivery methods and content for some of our programmes to provide better, more tailored and relevant support

• Sadly, the results also tell us there are some businesses that we won’t be able to help survive but remember you are not alone. Call us if you are worried and can’t work out what to do next. Our mentors have experienced business failure as well as success and can help you keep a sense of perspective and purpose to get through the difficulty and eventually emerge stronger.

Copies of the report are available as a PDF by email request to innovation-centre@bath.ac.uk