Lubbock Fine, 15 September 2020
Owner managed businesses who have survived the COVID-19 crisis are now more resilient, but still face significant challenges and are having to adapt, according to new research co-commissioned by Lubbock Fine and the Association of Practising Accountants (APA).
A survey among 615 owner managers across the UK found that:
Owner managers are also having to adapt the way they work:
The research also indicated strong support for a continuation of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS):
Commenting on the findings, Mark Turner, Managing Partner at Lubbock Fine, said:
“After a turbulent year, these research findings indicate light at the end of the tunnel for owner managed businesses, but also show the substantial challenges they face on the road to recovery.
As accountants and business advisers, we have seen first-hand the impact on these businesses and the difficult decisions faced by leaders.
It’s now essential for owner managers to remain vigilant and agile over the coming months, not only by setting out plans for business recovery, but also making contingency plans for further lockdown measures. For many, Government support will continue to play a critical role in ensuring long-term viability and survival.”
If your business needs guidance or assistance on any of the above issues, please get in touch with Mark Turner, Managing Partner (firstname.lastname@example.org) or your usual Lubbock Fine contact.