Small business will spend £ 23 billion this year alone to protect Covid

Originally written by Timothy Adler about small business

According to a study by financial services company Hitachi Capital, small businesses will spend £ 23 billion this year to get Covid-proof.

Risk assessments for offices, signs, disinfection products, professional cleaning and air filtration systems will cost every UK small business an average of around £ 4,850 annually this year for a total of just under £ 23 billion.

Hitachi Capital interviewed 1,500 small businesses for its survey.

  • Fixed premises will cost an average of £ 5,443 this year to be Covid-proof
  • On-site outdoor businesses cost an average of £ 5,446 to be Covid-proof
  • Businesses that offer home work averaging £ 3,660

Small businesses that work entirely remotely (20 percent of respondents) will have the lowest cost of Covid security, with 68 percent spending nothing on disease control and 21 percent spending less than £ 1,000 per company.

> See also: £ 104 billion in covid debt is drowning small businesses

Lose Money to Protect Covid

Meanwhile, according to a separate Iwoca survey, a third of small businesses are losing money by sacrificing customer numbers to protect against Covid.

A quarter of small businesses are seeing fewer sales due to coronavirus social distancing, the survey found. Four in ten small businesses say that maintaining a Covid-safe workplace has “significant” or “very significant” effects on their company’s operations.

Every fourth company spends more than an hour a day cleaning and disinfecting its offices or premises to protect them from Covid.

> See also: 20% of small businesses can’t reopen with social distancing

Darren Stanley, CEO of the events company OnFyre, told Iwoca: “Maintaining a Covid-safe workplace is also an enormous additional cost. I had to hire five additional people at a recent event, which cost me an additional £ 250. ”

However, almost a third of SMEs are now trading more than they were before Covid.

Seema Desai, Iwoca’s chief operating officer, said, “As restrictions are relaxed, many small business owners are nibbling on trying to regain their full potential. It is encouraging to see a third more trading than in pre-Covid times and hopefully more companies will recover once restrictions can be fully lifted across the UK. “

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Small business will spend £ 23 billion this year alone to protect Covid

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