An article in Small Business highlighted the stress of being the owner of a small business, where a survey of accountancy firms indicated that 11% of small business owners were contemplating suicide due to the pressure of running a small business in the COVID-19 pandemic.
This is very worrying news and highlights the pressure of having a business closed for all but 3 months, but still having costs to pay as well as the next rent quarter being on 24 June.
Nearly 25% of small businesses said they would run out of money within 2 weeks if lockdown continued unchanged.
There was also another 14% on top of that, who would run out of money in 4 weeks, if lockdown remains unchanged.
The main issues were around cashflow, running out of cash and how they could resume trading after lockdown with safety measures in place.
For lots of businesses, this will have a significant impact on how they trade and if the surviving business will be profitable.
One issue we see for small businesses, is that they don’t ask for help soon enough when problems start.
At Harrisons Business Rescue, we can help assess the position and work with you to find an answer that works for you.
That may be helping raise finance, helping to manage cashflow better, rescheduling debt, refinancing assets on better terms etc.
You can contact us HERE
We can help address some of the business issues but if your mental health has been affected by trying to run a small business during the COVID-19 pandemic, there are many organisations offering support such as Samaritans or Maytree. The Federation of Small Businesses also offers FSB Care mental health support for members
The full article in Small Business can be found HERE