It is a very stressful time for SME owners and many are under a huge amount of stress due to the current global pandemic. Many cite cashflow problems, trying to meet COVID-19 workplace guidelines and late payments as major factors affecting mental health and causing high levels of stress.
IF YOU ARE FEELING STRESSED AND ANXIOUS PLEASE GET IN TOUCH WITH THE SME CLUB AND WE WILL TRY TO HELP AND SUPPORT YOU IN ANYWAY WE CAN.
11% of SME owners have considered suicide, overwhelmed by the coronavirus pandemic, while 78%have worse mental health, according to research from chartered accountants’ group ACCA and The Corporate Finance Network (CFN).
And 89% of accountants say that their SME clients are generally under more stress.
The ACCA survey shows the true impact of COVID 19 and how the pandemic has affected SME owners’ mental health, driving many of them to consider suicide. On top of spiralling debt and a cratered economy, many retailers have the prospect of the next quarter day commercial property rental payment looming on June 24, despite their shops not having been open for the past three months. This is one of the main reason the SME club has launched the campaign #saveourshops
Thousands of SMEs say they are battling immediate concerns such as cashflow pressures alongside resuming operations safely ahead of lockdown lift.
The 3 biggest fears of UK SME owners, according to their accountants, are being able to manage cashflow pressures, implementing social distancing guidelines at work, and late payment of invoices.
Nearly a quarter (23%) of SMEs say they will run out of money within two weeks if lockdown continues unchanged and 14% said they are going to run out of money if lockdown goes unchanged for another four weeks. And 5% of SMEs say they plan to go out of business.