Cardiff SMEs estimate COVID crisis has already cost over £259,000 per company

The Coronavirus crisis has already cost Cardiff SMEs an average of £259,447 each, according to data from a landmark nationwide survey released today by Fiverr.

The study – conducted amongst 1,000 SME owners and decision makers in 19 cities across the UK – also found that half of Cardiff small businesses have turned to freelancers to help manage their remote workload since the crisis took hold.

Cardiff is also one of the country’s most tech-savvy cities when it comes to recruiting freelance talent – as 64% use online freelance marketplaces, compared to the UK average 58%.

Across the UK, the Coronavirus crisis has cost businesses an average £277,893 each – and 64% expect their revenues to decrease by half in coming months.

Flexible work is helping mitigate the impact, though, as 68% are feeling more optimistic about remote working since social distancing measures have been in place.

The data also shows business backs Boris – as 61% of the SME leaders believe the Government is handling the Covid crisis well. Though this is tempered by the fact that 37% of respondents who felt unprepared for the crisis blamed the Government.

Productivity Increase

Every city surveyed had a majority of respondents claim their productivity has either increased or remained the same as a result of remote working.

It’s also possible to rank all the cities (with a minimum 50 respondents) in terms of how well they’ve adapted to remote working conditions – by ordering them according to the percentage of respondents who claimed productivity has increased as a result of remote working.

The full list is as follows:

City Proportion of respondents who’ve noticed  increased productivity
Manchester 51%
Birmingham 48%
Liverpool 42%
Bristol 40%
Belfast 39%
London 38%
Newcastle 36%
Leeds 30%
Glasgow 26%
Cardiff 24%
Exeter 24%

Looking Forward

The survey data gives a number of hints about what the future might hold for UK SMEs – including the revealing statistic that 29% of UK SMEs plan to increase flexible working post-Covid.

Many are hoping to fight through the economic downturn, with 50% investing in digital and traditional marketing in response to the crisis.