It is safe to say that
On average,
The study, which surveyed over 1,000 owners and senior staff in
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With an average revenue loss of £328,813.29, Greater London SMEs have had a tough year. While the
“In the past year, it’s clear that SMEs have suffered – the financial loss is just the surface,” vice president of international expansion at
Read more: Big construction firms risk choking SMEs of key materials amid global shortages
Firms in the Architecture, Engineering and Building industry suffered the most during the pandemic, according to the data, with around £316,892 of revenue lost to restrictions.
Manufacturing and utilities, followed by finance SMEs, were struck by some of the highest revenue deficits, missing out on around £276,255.97 and £238,547.10 respectively.
Businesses within education and healthcare, although not completely unscathed, were among the SMEs who missed out on the least, as they reported losses of an estimated £133,056.66 and £164,026.46 respectively.
Fiverr’s data showed that 30 per cent of SME leaders surveyed said that they were negatively impacted by the pandemic. However, over half felt that the government handled the coronavirus pandemic well, while 29 per cent felt the government handled it poorly.
Read more: eBay moves into finance to help SMEs navigate Covid cashflow crisis
Despite the financial challenges for smaller businesses,
Meanwhile, 56 per cent of businesses have unearthed new revenue streams – with 76 per cent of this group agreeing that these new revenue streams have bolstered their finances enough to replace the revenue that was lost to Covid-19.
The post Covid: London SMEs lost around £100,000 more than businesses elsewhere in the
© City AM, source