South West businesses are suffering, but remain stoic

  • 16 Nov 2020

The South West Small Business Index (SWBI) shows how small firms in the region continue to be adversely affected by the pandemic and national lockdown, particularly in relation to general business conditions and employment intentions.

However, stoicism remains in place with investment intentions expected for many in the next 12 months, with the SW showing as positive in comparison to the rest of England.

 

Uncertainty from the Covid-19 pandemic has meant that business performance confidence has declined once again however, although the SW region is seeing a decline in employee numbers, this is at a slower rate than other regions across the country. Alongside being the least impacted in terms of revenue over the last three months, small businesses in the South West are also among the most positive for revenue for the next three months.

It is however crucial that our regional businesses are given confidence and certainty at this time, particularly for businesses most in need of support in the hospitality, retail and tourism related sectors; and not forgetting those in working in the supply chains. A lot of small businesses have shelled out thousands to make their premises safe at a time when they had little or no revenue coming in only to be told to close. Securing a swift and positive EU deal will provide a fillip for many small businesses at what has been an extremely difficult time.

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