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Posted by Aston Avery

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

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