Exeter SMEs estimate COVID crisis has already cost over £163,000 per company

THE Coronavirus crisis has already cost Exeter SMEs an average of £163,000 each, according to 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 Exeter small businesses have turned to freelancers to help manage their remote workload since the crisis took hold.

Despite the heavy toll, Exeter businesses are the most optimistic in the UK, as 68% rate their future prospects once Covid has passed. They are also less fearful about the future than any other city in the UK, as 54% are concerned, compared to an average of 65%.

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 Exeter business backs Boris - as 80% of Exeter SMEs says the Govt is handling the crisis well - the highest city surveyed.

Productivity Problem

One metric that Exeter isn’t competing well on is productivity - as just 24% of businesses have noted a productivity increase since the crisis took hold, one of the lowest surveyed.

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: 

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. 

About Fiverr

Fiverr's mission is to change how the world works together. The Fiverr platform connects businesses of all sizes with skilled freelancers offering digital services in more than 300 categories, across 8 verticals including graphic design, digital marketing, programming, video and animation. In 2019, over 2.4 million customers bought a wide range of services from freelancers working in over 160 countries.

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