Tough times ahead but businesses show optimism for the future

26 June 2020 Andy Irvine Business News, Covid-19, Covid-19 Recovery Planning

Last week we asked clients and valued contacts in the Sheffield City Region to take part in a short survey on business recovery/confidence to gauge their views on the way forward as lockdown ends. Thanks to all those who took the time.

The survey results are noted below but some key themes are clear:

  • Businesses are expecting there to be a quick, deep recession before recovery (whether this is a V or a U-shaped there was less agreement on)

  • Pleasingly, most are not considering reducing employee numbers when the job retention scheme ends

  • The government’s response has been ok so far

  • Support from banks and accountants is generally considered to have been strong throughout the crisis

  • A third of respondents have re-evaluated their long-term goals

  • Tax efficiency continues to be important to all

As passionate advocates for the Sheffield City Region, we have been encouraged by these results which demonstrate that business locally is, on the whole, optimistic for the future and we look forward to doing our bit to help.

Our survey is now closed, and the results show the following;

Q1.  How confident are you that we will have a V-shaped recovery?

Qu1-1

Q2. How likely is a deep recession?

Q2-1

Q3. How satisfied have you been with the government response to COVID so far?

Q3.

Q4. How likely is it that you will have to consider reducing employee numbers when the job retention scheme ends?

Q4.

Q5. How helpful has your current bank been during the crisis?

Q5.

Q6. How helpful have your accountants been during the crisis?

Q6.

Q7. Have your long-term business and personal objectives changed significantly as a result of COVID?

Q7.

Q8. Has your business had the right level of financial information (management accounts, forecasts etc) to allow you to make business-critical decisions with confidence?

Q8.

Q9. How important is it that your business and personal affairs are structured tax efficiently going forward?

Q9.

Q10. How confident are you that your business would be able to easily cope with the loss (for whatever reason) of a key employee?

Q10.

If you have any questions, or would like us to support your business in planning your post Covid-19 recovery, please get in touch. 

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