Listen: some small businesses don’t expect to survive until next year
Almost one in five (16%) small business owners say their business won’t survive 2022 unless they have a successful Christmas sales period – with this year’s festive season a much-needed lifeline for the self-employed.
The study by small business insurer Simply Business published ahead of Black Friday – a key Christmas shopping window dominated by retail giants – also revealed that more than a third (36%) say they make over 20% of their annual revenue in this window, highlighting its importance to their success.
Given the weight small businesses place on Christmas, it’s a worrying sign that more than a quarter (27%) are ‘not confident’ about their chances of a successful festive period. One in 10 (10%) even expect it to be worse than last year, when restrictions and localised lockdowns were commonplace.
A bleak festive trading period could prove fatal for many small businesses. Covid-19 has already cost SMEs a combined £126.6bn, and a difficult Christmas would only further impact their recovery.
Aston spoke to Alan Thomas, UK CEO at Simply Business.
Photo by Tim Mossholder on Unsplash
Ads help us keep this site online