Industry

COVID-19 impacts 82% of small businesses, shows survey

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More than 82% of businesses have suffered a negative impact on account of COVID-19 and 70% expect it will take almost a year for demand to recover to pre-pandemic levels, a survey showed.

About 60% of the companies surveyed by Dun & Bradstreet said they would require more support measures, including government initiatives, to withstand the adverse impact.

Market access (42%), improving overall productivity (37%) and access to more finance (34%) were cited as the three key challenges that were most likely to hinder small businesses’ recovery.

The survey covered responses from more than 250 small businesses (50% each in manufacturing and services sectors) with annual revenue between ₹100 crore and ₹300 crore across seven major cities in India. The data indicated that about 95% of firms were impacted in April 2020 when the nationwide lockdown was imposed. Even with progressive unlocking, 70% of businesses remained disrupted till August 2020 and 40% till the end of February 2021.

“During our recent survey, small business owners cited three most important support measures they needed to revive their businesses post the pandemic — better credit facility (59%), better marketing support (48%) and adoption of technology (35%),” said Arun Singh, global chief economist, Dun & Bradstreet.

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Printable version | May 6, 2021 10:00:24 PM | https://www.thehindu.com/business/Industry/covid-impacts-82-of-small-businesses-shows-survey/article34387819.ece

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