News: Businesses not confident they’ll survive economic impact of lockdown
Many businesses are not confident that they will survive the economic impact of the six month lockdown.
The Data & Marketing Association reveals the results of its first Coronavirus Survey, outlining the concerns and challenges businesses face. Only 25% of businesses are confident they can last longer than six months at the current level.
Some 22% of businesses believe they can continue to operate at current levels for less than three months – with a third unsure how long they can continue.
Nearly two-thirds of respondents said they are looking to government schemes for help; however, 94% believe they have the technology and leadership skills to run their businesses from home for now.
Chris Combemale, CEO of the DMA said: “The DMA has already taken action on some of the key concerns for our industry to help safeguard the future of their businesses. Earlier this week, we called for urgent reform of the CBILS to remove personal guarantees and ensure easier access to these vital funds, which the government listened to and we expect adoption rates of this to continue to increase over the coming weeks.”
The DMA’s Coronavirus Survey will remain open over the coming months, so businesses are encouraged to contribute to the survey.