Christmas vital for one in five small firms
A study by insurance provider Simply Business suggests that one in five small businesses will not survive 2022 unless their Christmas sales are strong. It was also found that 27% of SME staff are “not confident” about their trading fortunes, while one in ten expects to fare worse this month than they did last December. Two-thirds of SME owners believe a strong performance over the festive season would keep their business afloat. Owners said their biggest challenges will be attracting enough customers (21%) and earning enough to keep their operation going into 2022 (17%). Analysis shows that the pandemic has already cost Britain’s SMEs a combined £126.6bn. Alan Thomas, CEO of Simply Business, said: “For a third of small businesses, Christmas accounts for over 20% of their annual revenue. Many SME owners quite simply need it to be Christmas every day if they’re to recover properly from a devastating two years.”
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