Published: 20th Apr 2020

Almost 70% of the UK’s smallest businesses expect to lose more than half of their annual turnover due to the coronavirus crisis, according to research by the University of Sheffield conducted in association with Small Business Britain. The survey focuses on micro-businesses – defined as companies with up to nine employees – which account for 96% of the UK’s total business population, contribute £533bn to the economy and collectively employ more than nine million people. Academics from the University of Sheffield’s Management School surveyed over 1,500 micro-business owners to assess the resilience of the UK’s most vulnerable firms, many of which feel they have been overlooked amid the Covid-19 pandemic. They found 67% are now ‘very’ or ‘somewhat’ lacking in confidence, with just two per cent very confident about their prospects, believed to be some of the worst figures on record. More than three quarters (78%) said cash flow was … (To read the full article, subscribe below)