ACCA is the Association of Chartered Certified Accountants. This association has a community of 227,000 members and 544,000 future members based in 176 countries and regions that upholds the highest professional and ethical values. ACCA and The Corporate Finance Network, CFN consists of some of the most proactive independent accountancy firms in the UK.
ACCA and CFN held, a survey about small and medium-sized enterprises in a state of paralysis and cannot plan their financial future. The survey reported data from 10,839 SME clients that ran until 19th May 2021.
The results of the survey showed that a total of 77.8% of accountants’ small business clients are not expecting to return to pre-covid levels of production and turnover for at least a year.
While some small enterprises have reopened in the last month, such as pubs and cafes for outdoor service, 33% of respondents reported early trade was lower or much lower than expected, with 22% saying it met their expectations.
Long term, only 16% of micro-businesses have made permanent changes to their business strategy in the light of the global pandemic, despite the effects of the health crisis posing fundamental threats to some sectors.