The pandemic has led to disruptions for many businesses. Despite 50% of SME’s noting a reduction in monthly business revenue since the pandemic begun, there remains signs of optimism with 94% of respondents confident that they will survive the pandemic and 66% ready to invest in 2021.
New research1 conducted by Cynergy Bank on the future of businesses, found that SME’s have on average £375,000 ready for investment. This figure rises to £750,000 for SME’s in the North East, who have set aside considerably more for investment than other regions. Female respondents and those aged 55+ recorded a lower average figure available for investment at £175,000 compared with males and the under 55’s who reported figures closer to the average of £375,000.
Of those that have money in reserve for investment, the top five ways they intend to spend it are on IT infrastructure, demonstrating the continued focus on … Read more